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Modern Currency Wars: the Winners and the Losers

Author

Listed:
  • Yuliya A. Kharitonova

    (Urals Institute of Economics, Management and Law, Yekaterinburg 620026, Russia)

Abstract

The author examines the methods of waging economic wars, their causes and types and offers her own definition for the term currency wars. The majority of such wars were going on when the Bretton-Woods system was operational and the national currency devaluation was used as the main regulatory tool. Today a special «verbal» method of waging a currency war is used by the leading economies. They cause changes in the market players’ expectations and, as a consequence, make an impact on the exchange rate. The currency war between the USA and the European Union was the key currency war of 2010 but the parties to the conflict can be seen as both the losers and the winners at the same time.

Suggested Citation

  • Yuliya A. Kharitonova, 2011. "Modern Currency Wars: the Winners and the Losers," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 19-30, April.
    • Handle: RePEc:fru:finjrn:110202:p:19-30
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    More about this item

    Keywords

    currency wars; world currency system; devaluation; exchange market players’ expectations;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions

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