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.
- Sprache
-
Englisch
- Erschienen in
-
Series: ESRI Working Paper ; No. 442
- Klassifikation
-
Wirtschaft
- Thema
-
intervention
portfolio balance effect
Japan
Wechselkurspolitik
Öffentliche Anleihe
USA
Zinsstruktur
Öffentliche Anleihe
Währungsspekulation
Japan
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Gerlach-Kristen, Petra
McCauley, Robert N.
Ueda, Kazuo
- Ereignis
-
Veröffentlichung
- (wer)
-
The Economic and Social Research Institute (ESRI)
- (wo)
-
Dublin
- (wann)
-
2012
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Gerlach-Kristen, Petra
- McCauley, Robert N.
- Ueda, Kazuo
- The Economic and Social Research Institute (ESRI)
Entstanden
- 2012
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