Between Debt, Collateral and Liquidity: Currency Swaps in the Academic Literature
Keywords:
swaps de divisas, diplomacia financiera , arquitectura financiera internacionalAbstract
This article reviews the academic literature on currency swap agreements and examines them as instruments of international liquidity provision, financial backstopping, monetary internationalization, and financial diplomacy. Based on a qualitative bibliographic review, it analyzes their evolution since the 2008 global financial crisis, focusing on three experiences: the Federal Reserve’s liquidity lines, the Chiang Mai Initiative, and bilateral swaps promoted by the People’s Bank of China. The paper argues that swaps cannot be understood as merely technical monetary tools, but as heterogeneous and dynamic devices shaped by asymmetries in the international financial architecture, states’ strategic interests, and domestic politics. The review identifies three analytical dimensions: geoeconomic and financial effects, their role within the global financial safety net, and their political and geopolitical determinants. Finally, it highlights relevant gaps, particularly regarding the relationship between swaps, debt, and state agency.
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