Published in:FRB of Cleveland Working Paper ; No. 12-07
Extent:
1 Online-Ressource (22 p)
Language:
English
Origination:
Footnote:
In: FRB of Cleveland Working Paper No. 12-07
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 30, 2012 erstellt
Description:
Foreign-exchange operations did not end after the United States stopped its activist approach to intervention. Japan persisted in such operations, but avoided overt conflict with its monetary policy. With the onset of the Great Recession, Switzerland has transacted in foreign exchange both for monetary and exchange-rate purposes, and key central banks have used swap facilities to extended their lender-of-last-resort functions. Developing and emerging-market economies continue to intervene, but their actions may hamper the development of their own foreign-exchange markets. China's undervalued exchange rate is producing inflation and real appreciation, despite China's efforts to sterilize its reserve accumulation