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Currency wars: Lessons from the US experience

Michael Bordo, Owen F Humpage, 3 October 2011

The Great Recession has resulted in sharp exchange-rate changes and threats of ‘currency wars’ linger. Some countries – notably Japan and Switzerland – have shown an interest in foreign-exchange intervention. This column argues that sterilised intervention does not afford monetary authorities a means of systematically affecting their exchange rates independent of their domestic policy objectives. Countries that engage in currency wars run a real risk of shooting themselves in the foot.

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