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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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About International Affairs  International Affairs arranges seminars, training, technical assistance and visitor appointments for central banks and related international organizations. |
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Banking SeminarThe Central Banking Seminar will be held the week of October 29 - November 2, 2012. Central bank governors will receive invitations to nominate participants in June 2012. |
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Research Highlights |
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 Saving Imbalances and the Euro Area Sovereign Debt CrisisFor several years prior to 2010, countries in the euro area periphery engaged in heavy borrowing from foreign private investors, allowing domestic spending to outpace incomes. Now these countries face debt crises reflecting a loss of investor confidence in the sustainability of their finances. The result has been an abrupt halt in private foreign lending to these economies. This study explains how the periphery countries became dependent on foreign borrowing and considers the challenges they face reigniting growth while adjusting to greatly reduced access to foreign capital. by Matthew Higgins and Thomas Klitgaard, Current Issues in Economics and Finance (17) 5, 2011 |
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The Federal Reserve's Foreign Exchange Swap Lines The U.S. dollar swap line program—a system of reciprical currency arrangements with foreign central banks—was introduced by the Federal Reserve in late 2007 to address global disruptions in dollar funding markets. The swap lines increased the ability of foreign central banks to provide U.S. dollar funding to financial institutions in their jurisdictions at a time when interbank lending was effectively frozen. by Michael Fleming and Nicholas Klagge, Current Issues in Economics and Finance (16) 4, April 2010 |
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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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