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Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century

Michael Bordo (), Owen Humpage and Anna Schwartz

No 17984, NBER Working Papers from National Bureau of Economic Research, Inc

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 conflict with its monetary policy. With the on-set 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.

JEL-codes: F31 F33 N2 (search for similar items in EconPapers)
Date: 2012-04
Note: DAE ME
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Published as Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century , Michael D. Bordo, Owen F. Humpage, Anna J. Schwartz. in Strained Relations: U.S. Foreign-Exchange Operations and Monetary Policy in the Twentieth Century , Bordo, Humpage, and Schwartz. 2015

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Chapter: Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century (2015) Downloads
Working Paper: Epilogue: foreign-exchange-market operations in the twenty-first century (2012) Downloads
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