On the rotation of the earth, drunken sailors, and exchange rate policy
A growing number of observers seem to believe that official foreign exchange intervention offers a useful tool for managing the dollar’s descent. In particular situations, official transactions can sometimes produce temporary changes in exchange rates, but intervention does not permit countries to avoid or substantially modify trends in the movements of their exchange rates. At best, intervention is of very limited value.
Volume (Year): (2004)
Issue (Month): Feb ()
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