Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/100258
Authors: 
Gerlach-Kristen, Petra
McCauley, Robert N.
Ueda, Kazuo
Year of Publication: 
2012
Series/Report no.: 
Working Paper, The Economic and Social Research Institute (ESRI), Dublin 442
Abstract: 
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.
Subjects: 
intervention
portfolio balance effect
Japan
Document Type: 
Working Paper

Files in This Item:
File
Size
355.51 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.