Did Political Considerations Affect the Fed's International Bailouts?

The NYT's article on the Fed's decision to enter dollar swap agreements with other central banks at the peak of the financial crisis in 2008 strangely did not ask this question. The piece notes that swap lines of credit had been extended to Mexico, Brazil, South Korea, and Singapore. It also points out that several countries applied for lines of credit but were turned down.

The article asserts that these decisions were made exclusively over concerns about the impact of these countries' proble...