Currency intervention and the global portfolio balance effect: Japanese lessons

Autor:	Petra Gerlach-Kristen, Kazuo Ueda, Robert N McCauley
Rok vydání:	2016
Předmět:	Economics and Econometrics 050208 finance media_common.quotation_subject Bond 05 social sciences Monetary economics International economics Investment (macroeconomics) Interest rate Intervention (law) Balance (accounting) 0502 economics and business Political Science and International Relations Economics Bond market Portfolio Currency intervention 050207 economics Finance media_common
Zdroj:	Journal of the Japanese and International Economies. 39:1-16
ISSN:	0889-1583
DOI:	10.1016/j.jjie.2015.10.002
Popis:	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.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::5b3308358140261f28e07753cde4bb1c https://doi.org/10.1016/j.jjie.2015.10.002 Zobrazit plný text záznamu Full Text from ScienceDirect