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Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century

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  • Michael D. Bordo
  • Owen Humpage
  • Anna J. Schwartz

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 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.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17984.

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Date of creation: Apr 2012
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Handle: RePEc:nbr:nberwo:17984

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  1. Ito, Takatoshi & Yabu, Tomoyoshi, 2007. "What prompts Japan to intervene in the Forex market? A new approach to a reaction function," Journal of International Money and Finance, Elsevier, Elsevier, vol. 26(2), pages 193-212, March.
  2. Raphael Auer & Sébastien Kraenzlin, 2011. "International liquidity provision during the financial crisis: a view from Switzerland," Review, Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, issue Nov, pages 409-418.
  3. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear Of Floating," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 117(2), pages 379-408, May.
  4. Ouyang, Alice Y. & Rajan, Ramkishen S. & Willett, Thomas D., 2010. "China as a reserve sink: The evidence from offset and sterilization coefficients," Journal of International Money and Finance, Elsevier, Elsevier, vol. 29(5), pages 951-972, September.
  5. Humpage, Owen F. & Ragnartz, Javiera, 2006. "Swedish Intervention and the Krona Float, 1993-2002," Working Paper Series, Sveriges Riksbank (Central Bank of Sweden) 192, Sveriges Riksbank (Central Bank of Sweden).
  6. Owen F. Humpage, 1996. "U.S. intervention: assessing the probability of success," Working Paper, Federal Reserve Bank of Cleveland 9608, Federal Reserve Bank of Cleveland.
  7. Joshua Aizenman & Yothin Jinjarak & Donghyun Park, 2010. "International reserves and swap lines: substitutes or complements?," NBER Working Papers 15804, National Bureau of Economic Research, Inc.
  8. Rich, Georg, 2000. "Monetary Policy without Central Bank Money: A Swiss Perspective," International Finance, Wiley Blackwell, Wiley Blackwell, vol. 3(3), pages 439-69, November.
  9. Michael J. Fleming & Nicholas J. Klagge, 2010. "The Federal Reserve's foreign exchange swap lines," Current Issues in Economics and Finance, Federal Reserve Bank of New York, Federal Reserve Bank of New York, vol. 16(Apr).
  10. Michael D. Bordo & Owen F. Humpage & Anna J. Schwartz, 2011. "The Federal Reserve as an Informed Foreign Exchange Trader: 1973 – 1995," NBER Working Papers 17425, National Bureau of Economic Research, Inc.
  11. Bonser-Neal, Catherine & Roley, V Vance & Sellon, Gordon H, Jr, 1998. "Monetary Policy Actions, Intervention, and Exchange Rates: A Reexamination of the Empirical Relationships Using Federal Funds Rate Target Data," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 71(2), pages 147-77, April.
  12. Christopher J. Neely, 2011. "A foreign exchange intervention in an era of restraint," Review, Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, issue Sep, pages 303-324.
  13. Galati, Gabriele & Melick, William & Micu, Marian, 2005. "Foreign exchange market intervention and expectations: The yen/dollar exchange rate," Journal of International Money and Finance, Elsevier, Elsevier, vol. 24(6), pages 982-1011, October.
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Cited by:
  1. Pablo Pincheira, 2013. "Interventions and Inflation Expectations in an Inflation Targeting Economy," Working Papers Central Bank of Chile, Central Bank of Chile 693, Central Bank of Chile.
  2. Tervala, Juha, 2014. "China, the Dollar Peg and U.S. Monetary Policy," MPRA Paper 53223, University Library of Munich, Germany.
  3. Jesus Crespo Cuaresma & Mauro Costantini & Jaroslava Hlouskova, 2014. "Can Macroeconomists Get Rich Forecasting Exchange Rates?," Department of Economics Working Papers, Vienna University of Economics, Department of Economics wuwp176, Vienna University of Economics, Department of Economics.

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