The case for foreign exchange intervention
Subtitle: the government as a long-term speculator
By: by Christopher J. Neely.
Series: Working paper ;; 2004-031A; Working paper (Federal Reserve Bank of St. Louis : Online) ;; 2004-031A.
Publisher: Federal Reserve Bank of St. Louis
Published: 2004
Place of publication: [St. Louis, Mo.]
Language: eng
Format: Electronic resource
Subjects: Foreign exchange administration.; Foreign exchange rates.; Banks and banking, Central.
Description: "This paper argues that major governments should act as long-term speculators by intervening to profit from floating exchange rates reversion to fundamentals.  Such transactions would improve welfare by transferring risk from private agents to the risk-tolerant government.  Interventions explicitly designed to profit the intervening authority would be more likely to be successful and, to the extent that they are, would reduce resource misallocation"--Federal Reserve Bank of St. Louis web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 11/22/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.