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.
Pages: 14 pages
Date: 2011-12
New Economics Papers: this item is included in nep-mon and nep-opm
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Citations: View citations in EconPapers (6)
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http://www.cirje.e.u-tokyo.ac.jp/research/dp/2011/2011cf830.pdf (application/pdf)
Related works:
Working Paper: Currency intervention and the global portfolio balance effect: Japanese and Swiss lessons, 2003-2004 and 2009-2010 (2011) 
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Persistent link: https://EconPapers.repec.org/RePEc:tky:fseres:2011cf830
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