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Currency intervention and the global portfolio balance effect: Japanese lessons
GERLACH, PETRA
This paper shows that the Japanese foreign exchange interventions in 2003/04 seem to have lowered long-term interest rates in a wide range of countries, including Japan. It seems that this decline was triggered by the investment of the intervention proceeds in US bonds and that a global portfolio balance effect spread the resulting decline in US yields to other bond markets, thus easing global monetary conditions.
Keyword(s): Economics
Publication Date:
2012
Type: Working paper
Peer-Reviewed: No
Language(s): English
Contributor(s): Economics
Institution: Trinity College Dublin
Citation(s): Gerlach, Petra, Currency intervention and the global portfolio balance effect: Japanese lessons, 2012
Publisher(s): ESRI
First Indexed: 2014-05-13 05:32:08 Last Updated: 2014-05-13 05:32:08