McKenzie, Colin R
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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