Are Central Bankers Currency Manipulators?

摘要

The term “currency manipulator” has been used by the United States to describe the monetary practices of nations such as China and Japan and by Germany to describe U.S. monetary policy. This charge transcends monetary regimes and includes both traditional monetary policy and that in the service of industrial or developmental strategies that center on export led growth. While the latter clearly has a negative effect on employment and economic growth in the rest of the world, the increased international mobility of capital, combined with the wide-spread use of flexible exchange rates, has led to the same external effects from the normal conduct of monetary policy. Acknowledging and dealing with these negative external effects will lead to improved and less tension-filled international economic relations than calling nations “currency manipulators.”.