Currency intervention - the profitability of some recent international experiences
In recent years there have been high profile currency interventions by the Swiss National Bank (SNB) and the Bank of Japan (BoJ). In this note, we review these interventions, with a focus on the profitability of currency intervention, along with the relationship between profitability and the degree of exchange rate stabilisation. We also highlight the ways in which these interesting international episodes are of only limited direct relevance to thinking about current New Zealand exchange rate issues.
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