Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century /
Bordo, Michael D.
Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century / Michael D. Bordo, Owen Humpage, Anna J. Schwartz. - Cambridge, Mass. National Bureau of Economic Research 2012. - 1 online resource: illustrations (black and white); - NBER working paper series no. w17984 . - Working Paper Series (National Bureau of Economic Research) no. w17984. .
April 2012.
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 on-set 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.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.
Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century / Michael D. Bordo, Owen Humpage, Anna J. Schwartz. - Cambridge, Mass. National Bureau of Economic Research 2012. - 1 online resource: illustrations (black and white); - NBER working paper series no. w17984 . - Working Paper Series (National Bureau of Economic Research) no. w17984. .
April 2012.
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 on-set 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.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.