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Our seminars, training programs, and conferences—and our account relationships with the international central banking community—position the Federal Reserve Bank of New York as a leader in policy, technology, and education for central bankers. On behalf of the Federal Reserve System, we provide correspondent and custodial banking services for central banks, monetary authorities, and certain international organizations to facilitate their official financial operations. |
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 Central
Banking SeminarThe Workshop on Financial Markets and Central Banking Seminar will be held the week of October 18-22, 2010. Central bank governors will receive invitations to nominate participants in July. |
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U.S. Monetary Policy Implementation » |
| Research Highlights |
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 Is the International Role of the Dollar Changing?Recently the U.S. dollar’s preeminence as an international currency has been questioned. The emergence of the euro, changes in the dollar’s value, and the financial market crisis have, in the view of many commentators, posed a significant challenge to the currency’s long-standing position in world markets. However, a study of the dollar across critical areas of international trade and finance suggests that the dollar has retained its standing in key roles. by Linda Goldberg, Current Issues in Economics and Finance (16) 1, January 2010 |
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The Global Financial Crisis and Offshore Dollar Markets Facing a shortage of U.S. dollars and a growing need to support their dollar-denominated assets during the financial crisis, international firms increasingly turned to the foreign exchange swap market and other secured funding sources. An analysis of the ensuing strains in the swap market shows that the dollar “basis”—the premium international institutions pay for dollar funding—became persistently large and positive, chiefly as a result of the higher funding costs paid by smaller firms and non-U.S. banks. by Niall Coffey, Warren B. Hrung, Hoai-Luu Nguyen and Asani Sarkar, Current Issues in Economics and Finance (15) 6, October 2009 |
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| Micro, Macro, and Strategic Forces in International Trade Invoicing The use of different currencies in the invoicing of international trade transactions plays a major role in the international transmission of economic fluctuations. by Linda S. Goldberg and Cédric Tille, Staff Reports (No. 405), November 2009 |
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