Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century
22 Pages Posted: 31 Mar 2012
There are 2 versions of this paper
Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century
Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century
Date Written: March 30, 2012
Abstract
Foreign-exchange operations did not end after the United States stopped its activist approach to intervention. Japan persisted in such operations, but avoided overt conflict with its monetary policy. With the onset of the Great Recession, Switzerland has transacted in foreign exchange both for monetary and exchange-rate purposes, and key central banks have used swap facilities to extended their lender-of-last-resort functions. Developing and emerging-market economies continue to intervene, but their actions may hamper the development of their own foreign-exchange markets. China’s undervalued exchange rate is producing inflation and real appreciation, despite China’s efforts to sterilize its reserve accumulation.
Keywords: intervention, Japan, Switzerland, China, developing and emerging market economies, swap lines
JEL Classification: F3, N1, N2
Suggested Citation: Suggested Citation
Do you have negative results from your research you’d like to share?
Recommended Papers
-
What Drives Private Saving Around the World?
By Norman Loayza, Klaus Schmidt-hebbel, ...
-
Investment and Saving in China
By Louis Kuijs
-
Why are Saving Rates of Urban Households in China Rising?
By Marcos Chamon and Eswar S. Prasad
-
Why are Saving Rates of Urban Households in China Rising?
By Marcos Chamon and Eswar S. Prasad
-
Why are Saving Rates of Urban Households in China Rising?
By Marcos Chamon and Eswar S. Prasad
-
How Will China's Saving-Investment Balance Evolve?
By Louis Kuijs
-
The Determinants of Household Saving in China: A Dynamic Panel Analysis of Provincial Data
By Charles Yuji Horioka and Junmin Wan
-
The Determinants of Household Saving in China: A Dynamic Panel Analysis of Provincial Data
By Charles Yuji Horioka and Junmin Wan