Taking geopolitically motivated US swap lines too far would harm the dollar and Fed independence | 국외연구자료

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Taking geopolitically motivated US swap lines too far would harm the dollar and Fed independence

PIIE

2026.06.26

Over the past century, the United States has provided dollar liquidity abroad through both the US Treasury and the Federal Reserve, but the appropriate mode of liquidity injection depends on the economic, financial, and geopolitical contexts. The Treasury is the more appropriate lending conduit when geopolitical concerns dominate, while Fed dollar provision should primarily be targeted toward global stability objectives and be more insulated from short-term foreign policy motives. Up to now, political abuses of these foreign lending channels have been constrained to some degree by laws, norms, and intergovernmental understandings, but adherence can no longer be assumed, so more formal guardrails are needed.

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