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Are Central Bankers Currency Manipulators?


  • Gail Makinen



The term “currency manipulator” has been used by the United States to describe the monetary practices of nations such as China and Japan and by Germany to describe U.S. monetary policy. This charge transcends monetary regimes and includes both traditional monetary policy and that in the service of industrial or developmental strategies that center on export led growth. While the latter clearly has a negative effect on employment and economic growth in the rest of the world, the increased international mobility of capital, combined with the wide-spread use of flexible exchange rates, has led to the same external effects from the normal conduct of monetary policy. Acknowledging and dealing with these negative external effects will lead to improved and less tension-filled international economic relations than calling nations “currency manipulators.”. Copyright International Atlantic Economic Society 2013

Suggested Citation

  • Gail Makinen, 2013. "Are Central Bankers Currency Manipulators?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 41(3), pages 231-239, September.
  • Handle: RePEc:kap:atlecj:v:41:y:2013:i:3:p:231-239
    DOI: 10.1007/s11293-013-9375-1

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    References listed on IDEAS

    1. Joseph E. Gagnon & C. Fred Bergsten, 2012. "Currency Manipulation, the US Economy, and the Global Economic Order," Policy Briefs PB12-25, Peterson Institute for International Economics.
    2. Harry G. Johnson, 1969. "The case for flexible exchange rates, 1969," Review, Federal Reserve Bank of St. Louis, vol. 51(June), pages 12-24.
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