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Norfield 2012a, p. 129.

Bryan and Rafferty 2012.

Bryan and Rafferty 2006b.

Bryan and Rafferty 2012, p. 98.

Bryan and Rafferty 2012, p. 99.

Bryan and Rafferty 2012, p. 100.

Bryan and Rafferty 2012, p. 104.

Bryan and Rafferty 2012, pp. 104–5.

Bryan and Rafferty 2006a, p. 87.

Bryan and Rafferty 2007, p. 153.

BIS 2010a, p. 32. There is yet another currency-related ‘derivative’ along these lines called a ‘currency swap’, in which, among other things, it is usually agreed to exchange principal amounts in different currencies at a pre-agreed exchange rate at maturity. The currency swaps market is only around 6–7% of the size of the single-interest-rate swap market, however, and I will not discuss it here.

Bryan and Rafferty 2012, p. 103.

Bryan and Rafferty 2006b, p. 12.

Bryan and Rafferty 2006b, p. 5.

Bryan and Rafferty 2012, p. 104.

Bryan and Rafferty 2012, p. 100.

They refer to Chen, Filardo, He and Zhu 2011, after stating that ‘the world’s leading central banks now have massive holdings of a range of securities and derivatives on their books, all in the name of managing market liquidity and securing forms of monetary stability’ (Bryan and Rafferty 2012, p. 102). However, Chen et al. do not refer to central banks buying derivatives, but buying bond-type securities (Chen, Filardo, He and Zhu 2011, p. 235). One might argue that the Federal Reserve’s ‘Maiden Lane’ assets, resulting from the demise of Bear Stearns and AIG, are ‘derivatives’, but they are also made up from mortgages, loans and various MBS and CDOs.

Bryan and Rafferty 2006b, p. 106.

Bryan and Rafferty 2006b, pp. 131–2.

Bryan and Rafferty 2006b, p. 153.

Marx 1974, Chapter 24, p. 397.

Bryan and Rafferty 2006b, p. 136.

BIS 2010a, Table B4, p. 12.

ONS 2012, Table 3.6.

Bryan and Rafferty 2012, p. 107.

See Warnock and Warnock 2005.