Observations on U.S., Japanese, and German Forex Interventions, 1973-2004
Observations on U.S., Japanese, and German Forex Interventions, 1973-2004

Author: Dhruv Sharma

Publisher: Dhruv Sharma

Published: 2017-11-28

Total Pages: 184

ISBN-13: 1973410125

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This book documents, observes, and models the 'trial and error' period following Bretton Woods Collapse of Foreign Exchange Interventions by the G-3 Advanced Economies. The book serves as a narration and analytical reader for Exchange Rate Intervention Economics for this period of 1973 to 2004.

Currency Interventions, Fluctuations and Economic Issues
Currency Interventions, Fluctuations and Economic Issues

Author: Lawrence C. Hilbert

Publisher: Nova Publishers

Published: 2007

Total Pages: 178

ISBN-13: 9781604560787

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A currency is a unit of exchange, facilitating the transfer of goods and services. It is one form of money, where money is anything that serves as a medium of exchange, a store of value, and a standard of value. A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates, which are the prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. In common usage, currency sometimes refers to only paper money, as in coins and currency, but this is misleading. Coins and paper money are both forms of currency. In most cases, each country has monopoly control over the supply and production of its own currency. Member countries of the European Union's Economic and Monetary Union are a notable exception to this rule, as they have c

Strained Relations
Strained Relations

Author: Michael D. Bordo

Publisher: University of Chicago Press

Published: 2015-03-02

Total Pages: 453

ISBN-13: 022605148X

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Michael Bordo, Owen Humpage, and Anna Schwartz explore the evolution of exchange-market policyprimarily foreign-exchange interventionin the United States. Based on decades of research with unique, heretofore confidential, data consisting of all official US foreign-exchange transactions conducted through the Federal Reserve Bank of New York between 1962 and 1995, "Strained Relations" is fundamentally a study of institutional learning and adaptation under changing circumstances, most notably the abandonment of the international gold standard. The authors narrate the economic developments, the political environment, and the bureaucratic issues that fostered this evolution. They use many economic studies of foreign-exchange-market intervention, but the book is not a survey of the voluminous literature or empirical analysis; it is primarily a historical narrative. A fact-based history of the modern dollar with the unifying perspective of how the US has tried to influence how much the dollar is worth abroad while balancing the priority of keeping inflation low at home, "Strained Relations" is an intriguing story of gold, secrets, and economic intervention."

A New Method for Identifying the Effects of Foreign Exchange Intervention
A New Method for Identifying the Effects of Foreign Exchange Intervention

Author: Chih-nan Chen

Publisher:

Published: 2009

Total Pages: 36

ISBN-13:

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"The monetary authorities react even to intraday changes in the exchange rate; however, in most cases, intervention data is available only at a daily frequency. This temporal aggregation makes it difficult to identify the effects of interventions on the exchange rate. We propose a new method based on Markov Chain Monte Carlo simulations to cope with this endogeneity problem: We use "data augmentation" to obtain intraday intervention amounts and then estimate the efficacy of interventions using the augmented data. Applying this method to Japanese data, we find that an intervention of one trillion yen moves the yen/dollar rate by 1.7 percent, which is more than twice as large as the magnitude reported in previous studies applying OLS to daily observations . This shows the quantitative importance of the endogeneity problem due to temporal aggregation."--Authors' abstract.

The Japanese Yen as an International Currency
The Japanese Yen as an International Currency

Author: Mr.George S. Tavlas

Publisher: International Monetary Fund

Published: 1991-01-01

Total Pages: 61

ISBN-13: 1451930992

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The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.