The Curious Case of the Yen as a Safe Haven Currency is popular PDF and ePub book, written by Mr.Dennis P. J. Botman in 2013-11-06, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, The Curious Case of the Yen as a Safe Haven Currency can be Read Online from any device for your convenience.
The Curious Case of the Yen as a Safe Haven Currency Book PDF Summary
During risk-off episodes, the yen is a safe haven currency and on average appreciates against the U.S. dollar. We investigate the proximate causes of yen risk-off appreciations. We find that neither capital inflows nor expectations of the future monetary policy stance can explain the yen’s safe haven behavior. In contrast, we find evidence that changes in market participants’ risk perceptions trigger derivatives trading, which in turn lead to changes in the spot exchange rate without capital flows. Specifically, we find that risk-off episodes coincide with forward hedging and reduced net short positions or a buildup of net long positions in yen. These empirical findings suggest that offshore and complex financial transactions should be part of spillover analyses and that the effectiveness of capital flow management measures or monetary policy coordination to address excessive exchange rate volatility might be limited in certain cases.
Detail Book of The Curious Case of the Yen as a Safe Haven Currency PDF
- Author : Mr.Dennis P. J. Botman
- Release : 06 November 2013
- Publisher : International Monetary Fund
- ISBN : 9781475513295
- Genre : Business & Economics
- Total Page : 21 pages
- Language : English
- PDF File Size : 14,8 Mb
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