The global network of liquidity lines
研究了2000-2025年间177条央行跨境流动性线形成的网络，发现即使没有与美联储的直接协议，银行也能通过该网络间接获取美元，且间接连接降低了货币基差偏差，替代了外汇储备。
At the end of 2025, there were 177 cross-border liquidity lines between central banks connecting countries that accounted for 81% of world GDP. This paper maps the evolution of these arrangements since 2000. We show that the lines form a network through which banks can indirectly obtain access to the USD even when their central bank has no agreement with the Federal Reserve. These indirect connections give the People’s Bank of China a central role and show the fragility of liquidity provision to geopolitical tensions. We present cross-country evidence that the indirect connections reduce CIP deviations at the tails, and causal evidence that liquidity lines are substitutes to FX reserves. • A new comprehensive dataset of central bank cross-border liquidity lines 2000-25. • A historical account of the evolution of liquidity lines across time and countries. • A country can indirectly access foreign liquidity even without a direct line to the source. • Indirect connections through the network are associated with lower CIP deviations. • Improvement in network access to foreign liquidity causally lowers FX reserves.