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Currency Wars Yesterday and Today

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Author Info

  • Brahmbhatt, Milan

    ()
    (World Bank)

  • Canuto, Otaviano

    ()
    (World Bank)

  • Ghosh, Swati

    ()
    (World Bank)

Abstract

An energetic debate on the danger of a global currency war has flared up in recent months, stoked by a renewed move to “quantitative easing” in the United States, resurgent capital flows to developing countries and strong upward pressure on emerging market currencies. This Economic Premise reviews some of the arguments and concludes that the current U.S. monetary easing is a useful insurance policy against the risk of global deflation. But it is increasing pressure on developing countries to move toward greater monetary policy autonomy and exchange rate flexibility, as well as to undertake the institutional and structural policies needed to underpin such flexibility. Such reforms will take time.

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File URL: http://siteresources.worldbank.org/EXTPREMNET/Resources/EP43.pdf
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Bibliographic Info

Article provided by The World Bank in its journal Economic Premise.

Volume (Year): (2010)
Issue (Month): 43 (December)
Pages: 1-6

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Handle: RePEc:wbk:prmecp:ep43

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Related research

Keywords: currency; exchange rates; quantitative easing; capital flows; monetary easing; monetary policy; deflation; developing countries; exchange rate flexibility; structural policies;

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References

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  1. Canuto, Otaviano, 2010. "Toward a Switchover of Locomotives in the Global Economy," World Bank - Economic Premise, The World Bank, issue 33, pages 1-6, September.
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Cited by:
  1. Canuto, Otaviano & Cavallari, Matheus, 2013. "Monetary policy and macroprudential regulation : whither emerging markets," Policy Research Working Paper Series 6310, The World Bank.
  2. Yap, Josef T., 2011. "The Political Economy of Reducing the United States Dollar`s Role as a Global Reserve Currency," Discussion Papers DP 2011-13, Philippine Institute for Development Studies.
  3. Otaviano Canuto & Matheus Cavallari, 2013. "Asset Prices, Macro Prudential Regulation, and Monetary Policy," World Bank Other Operational Studies 16116, The World Bank.
  4. Canuto, Otaviano & Cavallari, Matheus, 2013. "Asset Prices, Macroprudential Regulation, and Monetary Policy," World Bank - Economic Premise, The World Bank, issue 116, pages 1-8, May.
  5. Canuto, Otaviano & Leipziger, Danny, 2012. "Ascent After Decline: Challenges of Growth," World Bank - Economic Premise, The World Bank, issue 75, pages 1-6, February.
  6. Yap, Josef T., 2011. "The Political Economy of Reducing the US Dollar’s Role as a Global Reserve Currency," ADBI Working Papers 302, Asian Development Bank Institute.

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