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
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.
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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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