Financial Markets and Institutions (2-downloads)


domestic currency is bought and foreign assets are sold leads to a fall



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Mishkin Eakins - Financial Markets and Institutions, 7e (2012)

domestic currency is bought and foreign assets are sold leads to a fall

in international reserves, a fall in the money supply, and an appreciation

of the domestic currency

.

The reverse result is found for an unsterilized intervention in which domestic

currency is sold and foreign assets are purchased. The sale of domestic currency and

purchase of foreign assets (increasing international reserves) works like an open mar-

ket purchase to increase the monetary base and the money supply. The increase in

the money supply lowers the interest rate on dollar assets. The resulting decrease

in the relative expected return on dollar assets means that people will buy less dol-

lar assets, so the demand curve shifts to the left and the exchange rate falls. An




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