Cooperation among central banks has been critical for stemming global financial instability. In the global financial crisis in 2007–8 and the COVID-19 pandemic, for example, the U.S. Federal Reserve extended international credits, known as dollar swap lines, to foreign central banks that needed them for stabilizing intervention in financial markets. Most accounts ascribe these episodes of central bank cooperation to geopolitical and national self-interest, but Sahasrabuddhe emphasizes the

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