The economics of money, banking, and financial markets

Inside the Fed  A Day at the Federal Reserve Bank of New York’s Foreign  

Exchange Desk  433

Unsterilized Intervention .................................................................................................... 435

Sterilized Intervention ........................................................................................................ 436

Balance of Payments ..................................................................................................................436

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Contents in Detail 

xxv

Current Account ................................................................................................................ 437

Financial Account .............................................................................................................. 437

Global  Should We Worry About the Large U.S. Current Account Deficit?  438

Exchange Rate Regimes in the International Financial System ......................................438

Gold Standard .................................................................................................................... 439

The Bretton Woods System ................................................................................................. 439

How a Fixed Exchange Rate Regime Works ........................................................................ 440

Speculative Attacks ............................................................................................................. 442

APPLICATION

 The Foreign Exchange Crisis of September 1992 .............................442

The Policy Trilemma ........................................................................................................... 444

APPLICATION

 How Did China Accumulate $4 Trillion of International Reserves? .445

Monetary Unions ................................................................................................................ 445

Managed Float .................................................................................................................... 446