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US Foreign Exchange Market Intervention since 1962

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  • Schwartz, Anna J

Abstract

The Federal Reserve has intervened in foreign exchange markets since 1962 as a partner of the Treasury's Exchange Stabilization Fund. Departing from its scripted passive role under the Bretton Woods system, the US defense of the dollar under pegged exchange rates may not appear unreasonable. Why the practice continues under a floating rate system is harder to understand. By accumulating large foreign currency balances since 1987, the US has made intervention easier. Holding larger balances does not help the authorities know what exchange rates ought to be The US for a few years in the 1980s refrained from intervening. It can happen again if its authorities acknowledged that intervening is an exercise in futility. Copyright 1996 by Scottish Economic Society.

Suggested Citation

  • Schwartz, Anna J, 1996. "US Foreign Exchange Market Intervention since 1962," Scottish Journal of Political Economy, Scottish Economic Society, vol. 43(4), pages 379-397, September.
    • Handle: RePEc:bla:scotjp:v:43:y:1996:i:4:p:379-97
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    Cited by:

    1. K. Doroodian & Tony Caporale, 2001. "Central bank intervention and foreign exchange volatility," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 7(4), pages 385-392, November.

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