Arbeitspapier
Currency intervention and the global portfolio balance effect: Japanese lessons
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.
- Language
-
Englisch
- Bibliographic citation
-
Series: ESRI Working Paper ; No. 442
- Classification
-
Wirtschaft
- Subject
-
intervention
portfolio balance effect
Japan
Wechselkurspolitik
Öffentliche Anleihe
USA
Zinsstruktur
Öffentliche Anleihe
Währungsspekulation
Japan
- Event
-
Geistige Schöpfung
- (who)
-
Gerlach-Kristen, Petra
McCauley, Robert N.
Ueda, Kazuo
- Event
-
Veröffentlichung
- (who)
-
The Economic and Social Research Institute (ESRI)
- (where)
-
Dublin
- (when)
-
2012
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Gerlach-Kristen, Petra
- McCauley, Robert N.
- Ueda, Kazuo
- The Economic and Social Research Institute (ESRI)
Time of origin
- 2012
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