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The limitations of foreign-exchange intervention: lessons from Switzerland

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  • Owen F. Humpage

Abstract

Since the mid-1990s, monetary authorities in most large developed countries have backed away from foreign-exchange intervention?buying and selling foreign currencies to influence exchange rates. Switzerland?s recent experience goes a long way to illustrate why: Foreign-exchange intervention did not afford the Swiss National Bank with a means of systematically affecting the franc independent of Swiss monetary policy, and it left the Bank exposed to foreign-exchange losses. To affect exchange rates, central banks must change their monetary policies.>

Suggested Citation

  • Owen F. Humpage, 2013. "The limitations of foreign-exchange intervention: lessons from Switzerland," Economic Commentary, Federal Reserve Bank of Cleveland, issue Oct.
    • Handle: RePEc:fip:fedcec:y:2013:i:oct18:n:2013-13
    DOI: 10.26509/frbc-ec-201313
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    Cited by:

    1. Chang, Mei-Ching & Suardi, Sandy & Chang, Yuanchen, 2017. "Foreign exchange intervention in Asian countries: What determine the odds of success during the credit crisis?," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 370-390.

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