Epilogue: foreign-exchange-market operations in the twenty-first century

Michael Bordo, Owen Humpage and Anna Schwartz

No 1207, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: Foreign-exchange operations did not end after the United States stopped its activist approach to intervention. Japan persisted in such operations, but avoided overt confl ict with its monetary policy. With the onset of the Great Recession, Switzerland has transacted in foreign exchange both for monetary and exchange rate purposes, and key central banks have used swap facilities to extended their lender-of-last-resort functions. Developing and emerging-market economies continue to intervene, but their actions may hamper the development of their own foreign-exchange markets. China?s undervalued exchange rate is producing inflation and real appreciation, despite China?s efforts to sterilize its reserve accumulation.

Keywords: Foreign exchange market; Financial markets; International finance (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (15)

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Related works:
Chapter: Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century (2015)
Working Paper: Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century (2012)
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DOI: 10.26509/frbc-wp-201207

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