Issues in foreign exchange policy in Japan : sterilized intervention, currency substitution and financial liberalization
Three important issues for exchange rate management policy in Japan, sterilized intervention, currency substitution and financial liberalization, are discussed in this thesis. The analytic starting point for the analysis of these issues is the open economy portfolio balance model. The empirical importance of these three issues depends on three critical assumptions relating to: the degree of substitution between bonds denominated in different currencies (sterilized intervention); the degree...[Show more]
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