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Currency intervention and the global portfolio balance effect: Japanese and Swiss lessons, 2003-2004 and 2009-2010

Petra Gerlach-Kristen (), Robert McCauley () and Kazuo Ueda ()

No CIRJE-F-830, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: This paper shows that the Japanese and Swiss foreign exchange interventions in 2003/04 and 2009/10 seem to have lowered long-term interest rates in a range of industrial countries, including Japan and Switzerland. It seems that this decline was triggered by the investment of the intervention funds in US and euro area bonds and that a global portfolio balance effect made this decline in interest rate spread to other markets, thus easing monetary conditions at home and abroad.

New Economics Papers: this item is included in nep-mon and nep-opm
Date: 2011-12
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Working Paper: Currency intervention and the global portfolio balance effect: Japanese and Swiss lessons, 2003-2004 and 2009-2010 (2011) Downloads
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