Currency war - Knowledge

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economies commitment to avoid currency war. It was initially read by the markets as an endorsement of Japan's actions, though later clarification suggested the US would like Japan to tone down some of its language, specifically by not linking policies like QE to an expressed desire to devalue the Yen. Most commentators have asserted that if a new round of competitive devaluation occurs it would be harmful for the global economy. However some analysts have stated that Japan's planned actions could be in the long term interests of the rest of the world; just as he did for the 2010–11 incident, economist Barry Eichengreen has suggested that even if many other countries start intervening against their currencies it could boost growth worldwide, as the effects would be similar to semi-coordinated global monetary expansion. Other analysts have expressed skepticism about the risk of a war breaking out, with

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he calls "extensive theoretical work" on depreciation, negative interest rates and stimulation achieved at the expense of other countries. He offers a view of how the continued depreciation and devaluation of the dollar will ultimately lead to a collapse, which he asserts will come about through a widespread abandonment of a worthless inflated instrument. Rickards also provides possible scenarios for the future, including collaboration among a variety of currencies, emergence of a world central bank and a forceful U.S. return to a gold standard through an emergency powers–based legal regime. The author emphasizes that these questions are matters of policy and choice, which can be different."

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any individual currency will tend to be small or even negligible. In normal times other countries are often content to accept a small rise in the value of their own currency or at worst be indifferent to it. However, if much of the world is suffering from a recession, from low growth or are pursuing strategies which depend on a favourable balance of payments, then nations can begin competing with each other to devalue against a commonly and internationally accepted consideration. In such conditions, once a small number of countries begin intervening this can trigger corresponding interventions from others as they strive to prevent further deterioration in their export competitiveness.

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financial markets. A second difference is that the later period's devaluations were invariably caused by nations expanding their money supplies by creating money to buy foreign currency, in the case of direct interventions, or by creating money to inject into their domestic economies, with quantitative easing. If all nations try to devalue at once, the net effect on exchange rates could cancel out, leaving them largely unchanged, but the expansionary effect of the interventions would remain. There has been no collaborative intent, but some economists such as Berkeley's

145: 1377:, scoring countries on their potential to undertake intervention, measuring their relative intention to weaken their currency and their capacity to do so. Ratings are based on the openness of a country's economy, export growth and real effective exchange rate (REER) valuation, as well as the scope a country has to weaken its currency without damaging its economy. As of January 2013, Indonesia, Thailand, Malaysia, Chile and Sweden are the most willing and able to intervene, while the UK and New Zealand are among the least. 285:, borrowing in the currency of the country practising quantitative easing, and lending in a country with a relatively high rate of interest. Because they are effectively selling the currency being used for quantitative easing on the international markets, this can increase the supply of the currency and hence push down its value. By October 2010 expectations in the markets were high that the United States, UK, and Japan would soon embark on a second round of QE, with the prospects for the Eurozone to join them less certain. 1024:

the gold standard, so several of the conditions for a currency war were in place. However, currency war did not occur as the U.K. was trying to raise the value of its currency back to its pre-war levels, effectively cooperating with the countries that wished to devalue against the market. By the mid-1920's many former members of the gold standard had rejoined, and while the standard did not work as successfully as it had pre war, there was no widespread competitive devaluation.

991:. Methods have included reducing the percentage of gold in coins, or substituting less precious metals for gold. However, until the 19th century, the proportion of the world's trade that occurred between nations was very low, so exchanges rates were not generally a matter of great concern. Rather than being seen as a means to help exporters, the debasement of currency was motivated by a desire to increase the domestic money supply and the ruling authorities' wealth through 1235:, suggested there may be advantages in western economies taking a more confrontational approach against China, which in recent years had been by far the biggest practitioner of competitive devaluation. Although he advised that rather than using protectionist measures which may spark a trade war, a better tactic would be to use targeted capital controls against China to prevent them buying foreign assets in order to further devalue the yuan, as previously suggested by 1154: 88:, former Brazilian Minister for Finance, a global currency war broke out in 2010. This view was echoed by numerous other government officials and financial journalists from around the world. Other senior policy makers and journalists suggested the phrase "currency war" overstated the extent of hostility. With a few exceptions, such as Mantega, even commentators who agreed there had been a currency war in 2010 generally concluded that it had fizzled out by mid-2011. 1411: 1116:

intervening to keep the value of their currencies low. This enhanced their ability to pursue export led growth strategies while at the same time building up foreign reserves so they would be better protected against further crises. No currency war resulted because on the whole advanced economies accepted this strategy—in the short term it had some benefits for their citizens, who could buy cheap imports and thus enjoy a higher material standard of living. The

347: 1562: 185:(IMF) has proposed devaluation as a potential solution for developing nations that are consistently spending more on imports than they earn on exports. A lower value for the home currency will raise the price for imports while making exports cheaper. This tends to encourage more domestic production, which raises employment and gross domestic product (GDP). Such a positive impact is not guaranteed however, due for example to effects from the 1218:

Western observers that China only relaxed its intervention when under heavy pressure. The fixed peg was not abandoned until just before the June G20 meeting, after which the yuan appreciated by about 1%, only to devalue slowly again, until further US pressure in September when it again appreciated relatively steeply, just prior to the September US Congressional hearings to discuss measures to force a revaluation.

22: 1056:, France lost faith in Sterling as a source of value and begun selling it heavily on the markets. From Britain's perspective both France and the US were no longer playing by the rules of the gold standard. Instead of allowing gold inflows to increase their money supplies (which would have expanded those economies but reduced their trade surpluses) France and the US began 103:. In January 2013, measures announced by Japan which were expected to devalue its currency sparked concern of a possible second 21st century currency war breaking out, this time with the principal source of tension being not China versus the US, but Japan versus the Eurozone. By late February, concerns of a new outbreak of currency war had been mostly allayed, after the 4025: 1370:

devaluation. Other analysts have however continued to assert that ongoing tensions over currency valuation remain, with currency war and even trade war still a significant risk. Central bank officials ranging from New Zealand and Switzerland to China have made fresh statements about possible further interventions against their currencies.

178:. Devaluation can make interest payments on international debt more expensive if those debts are denominated in a foreign currency, and it can discourage foreign investors. At least until the 21st century, a strong currency was commonly seen as a mark of prestige, while devaluation was associated with weak governments. 1103:. As free market influences approached their zenith during the 1990s, advanced economies and increasingly transition and even emerging economies moved to the view that it was best to leave the running of their economies to the markets and not to intervene even to correct a substantial current account deficit. 1209:, US Secretary of the Treasury, were reported as saying the chances of a genuine currency war breaking out were low; however by early October, Strauss-Kahn was warning that the risk of a currency war was real. He also suggested the IMF could help resolve the trade imbalances which could be the underlying 1542:

and Roosevelt's devaluation of the dollar against gold in 1933. Rickards demonstrates that competitive devaluations are a race to the bottom, and thus instruments of a sort of warfare. CWIII, he writes, is characterized by the Federal Reserve's policy of quantitative easing, which he ascribes to what

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From March 2013, concerns over further currency war diminished, though in November several journalists and analysts warned of a possible fresh outbreak. The likely principal source of tension appeared to shift once again, this time not being the U.S. versus China or the Eurozone versus Japan, but the

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The exact starting date of the 1930s currency war is open to debate. The three principal parties were Britain, France, and the United States. For most of the 1920s the three generally had coinciding interests; both the US and France supported Britain's efforts to raise Sterling's value against market

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Although the U.S. administration has denied that devaluing their currency was part of their objectives for implementing quantitative easing, the practice can act to devalue a country's currency in two indirect ways. Firstly, it can encourage speculators to bet that the currency will decline in value.

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Though not necessarily evenly: in the mid 20th and early 21st century countries would often devalue specifically against the dollar, so while the devaluing currency would lower its exchange rate against all currencies, a corresponding rise against the global average might be confined largely just to

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Theoretically, money could be shared out among the entire population, though, in practice, the new money is often used to buy assets from financial institutions. The idea is that the extra money will help banks restore their balance sheets, and will then flow from there to other areas of the economy

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A €60bn per month quantitative easing programme was launched in January 2015 by the European Central Bank. While lowering the value of the Euro was not part of the programme's official objectives, there was much speculation that the new Q.E. represents an escalation of currency war, especially from

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Historically, competitive devaluations have been rare as countries have generally preferred to maintain a high value for their currency. Countries have generally allowed market forces to work, or have participated in systems of managed exchanges rates. An exception occurred when a currency war broke

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suggested a new currency war may be beneficial for countries suffering from trade deficits. He noted that in the 1930s, it was countries with a big surplus that were severely impacted once competitive devaluation began. He also suggested that overly-confrontational tactics may backfire on the US by

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In August 2015, China devalued the yuan by just under 3%, partially due to a weakening export figures of −8.3% in the previous month. The drop in export is caused by the loss of competitiveness against other major export countries including Japan and Germany, where the currency had been drastically

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several Asian economies ran critically low on foreign reserves, leaving them forced to accept harsh terms from the IMF, and often to accept low prices for the forced sale of their assets. This shattered faith in free market thinking among emerging economies, and from about 2000 they generally began

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While some of the conditions to allow a currency war were in place at various points throughout this period, countries generally had contrasting priorities and at no point were there enough states simultaneously wanting to devalue for a currency war to break out. On several occasions countries were

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the inflows, building up hoards of gold. These factors contributed to the Sterling crises of 1931; in September of that year Britain substantially devalued and took the pound off the gold standard. For several years after this global trade was disrupted by competitive devaluation and by retaliatory

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being widely adopted from about 1870–1914, so while the global economy was now becoming sufficiently integrated for competitive devaluation to occur there was little opportunity. Following the end of World War I, many countries other than the US experienced recession and few immediately returned to

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An individual currency devaluation has to involve a corresponding rise in value for at least one other currency. The corresponding rise will generally be spread across all other currencies and so unless the devaluing country has a huge economy and is substantially devaluing, the offsetting rise for

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On 15 February, a statement issued from the G20 meeting of finance ministers and central bank governors in Moscow affirmed that Japan would not face high level international criticism for its planned monetary policy. In a remark endorsed by US Fed chairman Ben Bernanke, the IMF's managing director

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and used currency devaluations in an attempt to stimulate their economies. Since this effectively pushes unemployment overseas, trading partners quickly retaliated with their own devaluations. The period is considered to have been an adverse situation for all concerned, as unpredictable changes in

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Considerable attention had been focused on the US, due to its quantitative easing programmes, and on China. For much of 2009 and 2010, China was under pressure from the US to allow the yuan to appreciate. Between June and October 2010, China allowed a 2% appreciation, but there were concerns from

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A third method is for authorities simply to talk down the value of their currency by hinting at future action to discourage speculators from betting on a future rise, though sometimes this has little discernible effect. Finally, a central bank can effect a devaluation by lowering its base rate of

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said: "Rickards's first book is an outgrowth of his contributions and a later two-day war game simulation held at the Applied Physics Laboratory's Warfare Analysis Laboratory. He argues that a financial attack against the U.S. could destroy confidence in the dollar. In Rickards's view, the Fed's

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As investor confidence in the global economic outlook fell in early August, Bloomberg suggested the currency war had entered a new phase. This followed renewed talk of a possible third round of quantitative easing by the US and interventions over the first three days of August by Switzerland and

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By 2009 some of the conditions required for a currency war had returned, with a severe economic downturn seeing global trade in that year decline by about 12%. There was a widespread concern among advanced economies about the size of their deficits; they increasingly joined emerging economies in

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to fall in relation to other currencies. As the exchange rate of a country's currency falls, exports become more competitive in other countries, and imports into the country become more and more expensive. Both effects benefit the domestic industry, and thus employment, which receives a boost in

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This was against the interests of British workers and industrialists who preferred devaluation, but was in the interests of the financial sector, with government also influenced by a moral argument that they had the duty to restore the value of the pound as many other countries had used it as a

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inflation as currency war. Such policies can be seen as metaphorical warfare against those who have monetary assets in favor of those who do not, but unless the effects of rising inflation on international trade are offset by a devaluation, inflationary policies tend to make a country's exports

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like QE have not been undertaken to deliberately cause devaluation. Draghi's statement did however hint that the ECB may take action if the Euro continues to appreciate, and this saw the value of the European currency fall considerably. A mid February statement from the G7 affirmed the advanced

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In March 2012, Rousseff said Brazil was still experiencing undesirable upwards pressure on its currency, with its Finance Minister Guido Mantega saying his country will no longer "play the fool" and allow others to get away with competitive devaluation, announcing new measures aimed at limiting

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made an additional $ 600 billion available for the purchase of financial assets. This prompted widespread criticism from China, Germany, and Brazil that the United States was using QE2 to try to devalue its currency without consideration to the effect the resulting capital inflows might have on

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of semi-fixed exchange rates meant that competitive devaluation was not an option, which was one of the design objectives of the systems' architects. Additionally, global growth was generally very high in this period, so there was little incentive for currency war even if it had been possible.

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by national government authorities, the exchange rate of a country's currency is determined, in general, by market forces of supply and demand at a point in time. Government authorities may intervene in the market from time to time to achieve specific policy objectives, such as maintaining its

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Both the 1930s and the outbreak of competitive devaluation that began in 2009 occurred during global economic downturns. An important difference with the 2010s is that international traders are much better able to hedge their exposures to exchange rate volatility because of more sophisticated

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in the early 1970s, markets substantially increased in influence, with market forces largely setting the exchange rates for an increasing number of countries. However, a state's central bank can still intervene in the markets to effect a devaluation – if it sells its own currency to buy other

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argues that the consequences of the Fed's attempts to prop up economic growth could be devastating for American national security. Although Rickard's book is largely concerned with currency war as competitive devaluation, it uses a broader definition of the term, classing policies that cause

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is best understood as a shared concern to boost growth, not as currency war. Goldman Sachs strategist Kamakshya Trivedi has suggested that rising stock markets imply that market players generally agree that central bank's actions are best understood as monetary easing and not as competitive

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said: "In Rickards' view, the world is currently going through a third currency war ("CWIII") based on competitive devaluations. CWII occurred in the 1960s and '70s and culminated in Nixon's decision to take the dollar off the gold standard. CWI followed World War I and included the 1923

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has defended QE2, saying it would help the U.S. economy to grow, which would be "good for the world as a whole". Japan also launched a second round of quantitative easing though to a lesser extent than the United States; Britain and the Eurozone did not launch an additional QE in 2010.

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called for the currency war to be ended by increased use of floating currencies and greater cooperation and solidarity among major economies, with exchange rate policies set for the good of all rather than having individual nations striving to gain an advantage for themselves.

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uses the term to refer to the efforts of a state's monetary authorities to protect its currency from forgers, whether they are simple criminals or agents of foreign governments trying to devalue a currency and cause excess inflation against the home government's wishes.

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To practice quantitative easing on a wide scale it helps to have a reserve currency, as do the United States, Japan, UK, and Eurozone, otherwise there is a risk of market speculators triggering runaway devaluation to a far greater extent than would be helpful to the

99:. While many countries experienced undesirable upward pressure on their exchange rates and took part in the ongoing arguments, the most notable dimension of the 2010–11 episode was the rhetorical conflict between the United States and China over the valuation of the 1312:

In mid January 2013, Japan's central bank signalled the intention to launch an open ended bond buying programme which would likely devalue the yen. This resulted in short lived but intense period of alarm about the risk of a possible fresh round of currency war.

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which a devaluation would help correct. A reason for preferring devaluation common among emerging economies is that maintaining a relatively low exchange rate helps them build up foreign exchange reserves, which can protect against future financial crises.

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where it is needed, boosting spending and investment. As of November 2010 however, credit availability has remained tight in countries that have undertaken QE, suggesting that money is not flowing freely from the banks to the rest of the economy.

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This is not say there was no popular concern; by 2005 for example a chorus of US executives along with trade union and mid-ranking government officials had been speaking out about what they perceived to be unfair trade practices by China.

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desperately attempting not to cause a devaluation but to prevent one. So states were striving not against other countries but against market forces that were exerting undesirable downwards pressure on their currencies. Examples include

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Secondly, the large increase in the domestic money supply will lower domestic interest rates, often they will become much lower than interest rates in countries not practising quantitative easing. This creates the conditions for a

1398:, stated there was a "growing consensus" among market participants that states are indeed engaging in a stealthy currency war. A Financial Times editorial however claimed that rhetoric about currency war was once again misguided. 1423:(1936). This portrait of a 32-year-old farm-worker with seven children became an iconic photograph symbolising defiance in the face of adversity. A currency war contributed to the worldwide economic hardship of the 1930s 2233:

Some had been devaluing from as early as the 1980s, but it was only after 1999 that it became common, with the developing world as a whole running a CA surplus instead of a deficit from 1999. (e.g. see Wolf (2009) p31 –

1468:. Bernanke stated that the example of the 1930s implies that the "pursuit of export-led growth cannot ultimately succeed if the implications of that strategy for global growth and stability are not taken into account." 1329:. Weidmann held the view that interventions during the 2009–11 period were not intense enough to count as competitive devaluation, but that a genuine currency war is now a real possibility. Japan's economy minister 304:, have said the QE2 is understandable given the challenges facing the United States. Wang Jun, the Chinese Vice Finance Minister suggested QE2 could "help the revival of the global economy tremendously". President 1276: 1181:

On 27 September 2010, Brazilian Finance Minister Guido Mantega announced that the world is "in the midst of an international currency war." Numerous financial journalists agreed with Mantega's view, such as the

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Numerous senior central bankers and finance ministers issued public warnings, the first being Alexei Ulyukayev, the first deputy chairman at Russia's central bank. He was later joined by many others including

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Ambrose Evans-Pritchard. Journalists linked Mantega's announcement to recent interventions by various countries seeking to devalue their exchange rate including China, Japan, Colombia, Israel and Switzerland.

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If a country's authorities wish to devalue or prevent appreciation against market forces exerting upwards pressure on the currency, and retain control of interest rates, as is usually the case, they will need

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suggested that both China and the United States were "winning" the currency war, holding down their currencies while pushing up the value of the Euro, the Yen, and the currencies of many emerging economies.

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for conflicts over currency valuations. Mr Strauss-Kahn said that using currencies as weapons "is not a solution it can even lead to a very bad situation. There's no domestic solution to a global problem."

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emphasized that a key difference between the 1930s and the 21st-century outbreaks is that the former had some retaliations between countries being carried out not by devaluations but by increases in import

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For a widespread currency war to occur a large proportion of significant economies must wish to devalue their currencies at once. This has so far only happened during a global economic downturn.

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arguing that the US did not win the last "currency war" with Japan, and has even less of a chance against China; but should focus instead on broader "structural adjustments" at the November

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Historically, the term has been used to refer to the competition between Japan and China for their currencies to be used as the preferred tender in parts of Asia in the years leading up to

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Huang classes the conflicting opinions over the relative valuations of the US dollar and Japanese yen in the 1980s as a currency war, though the label was not widely used for that period.

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U.S. versus Germany. In late October U.S. treasury officials had criticized Germany for running an excessively large current account surplus, thus acting as a drag on the global economy.

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In the first half of 2011 analysts and the financial press widely reported that the currency war had ended or at least entered a lull, though speaking in July 2011 Guido Mantega told the

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However, when a country is suffering from high unemployment or wishes to pursue a policy of export-led growth, a lower exchange rate can be seen as advantageous. From the early 1980s the

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interest; however this sometimes has limited effect, and, since the end of World War II, most central banks have set their base rate according to the needs of their domestic economy.

189:. Devaluation can be seen as an attractive solution to unemployment when other options, like increased public spending, are ruled out due to high public debt, or when a country has a 1019:, which held that the best way to encourage prosperity would be to allow trade to occur free of government imposed controls. The intrinsic value of money became formalised with a 1402:

devalued during the previous quantitative easing operations. It sparked a new round of devaluation among Asian currencies, including the Vietnam dong and the Kazakhstan tenge.

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and Goldman Sachs's Dominic Wilson have suggested the net effect will be similar to semi-coordinated monetary expansion, which will help the global economy. James Zhan of the

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demand from both domestic and foreign markets. However, the price increases for import goods (as well as in the cost of foreign travel) are unpopular as they harm citizens'

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of gold inflows by France and America, which helped them sustain large trade surpluses but also caused deflationary pressure on their trading partners, contributing to the

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of the 1930s, most countries abandoned the gold standard. With widespread high unemployment, devaluations became common, a policy that has frequently been described as "

2350: 206:. During the 1930s, countries had relatively more direct control over their exchange rates through the actions of their central banks. Following the collapse of the 2876: 2611: 1440:(UNCTAD), however, warned in October 2010 that the fluctuations in exchange rates were already causing corporations to scale back their international investments. 1135:

Economists such as Michael P. Dooley, Peter M. Garber, and David Folkerts-Landau described the new economic relationship between emerging economies and the US as

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Devaluation could however be used as a last resort by mercantilist nations seeking to correct an adverse trade balance – see for example chapter 23 of Keynes'

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the dollar and any currencies currently governed by a dollar peg. A further complication is that the dollar is often affected by such huge daily flows on the

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States engaging in possible competitive devaluation since 2010 have used a mix of policy tools, including direct government intervention, the imposition of

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Not all economists agree that further expansionary policy would help even if it is co-ordinated, and some fear it would cause excess inflation.

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was in part an act of currency war, and also the pressure exerted by the United States in the months leading up to the Plaza accords.

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viewing export led growth as their ideal strategy. In March 2009, even before international co-operation reached its peak with the

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deficit of the US grew substantially, but until about 2007, the consensus view among free market economists and policy makers like

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A state wishing to devalue, or at least check the appreciation of its currency, must work within the constraints of the prevailing

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forces. Collaboration was aided by strong personal friendships among the nations' central bankers, especially between Britain's

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In early November 2010 the United States launched QE2, the second round of quantitative easing, which had been expected. The

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Devaluation, with its adverse consequences, has historically rarely been a preferred strategy. According to economist

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policy of quantitative easing by lessening confidence in the dollar, may lead to chaos in global financial markets."

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has said that the Bank of Japan's bond buying programme is intended to combat deflation, and not to weaken the yen.

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In practice this chiefly means purchasing assets such as government bonds that are denominated in other currencies

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currencies then this will cause the value of its own currency to fall – a practice common with states that have a

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for its domestic economy. This can be done by printing money and injecting it into the domestic economy via

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The term "currency war" is sometimes used with meanings that are not related to competitive devaluation.

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Dooley, Michael P.; Folkerts‐Landau, David; Garber, Peter (2004). "The Revived Bretton Woods System".

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became one of the first to warn of the dangers of competitive devaluation. He also coined the phrase

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asserted that fears of a currency war were exaggerated. In September, senior policy makers such as

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Alice Ross in London; Charles Clover in Moscow; Robin Harding in Washington (15 February 2013).

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in January 2015, there was once again an intensification of discussion about currency war.

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http://www.kirkusreviews.com/book-reviews/james-rickards/currency-wars-next-global-crisis/

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Competition between nations to gain competitive advantage by manipulating monetary supply

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tariffs. The currency war of the 1930s is generally considered to have ended with the

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is reduced both when they buy imports and when they travel abroad. It also can add to

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Kirkus Reviews: Currency Wars: The Making of the Next Global Crisis, 15 October 2011.

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A contrasting view was published on 19 October, with a paper from Chinese economist

4554:, Eswar Prasad, suggesting those advocating for China to appreciate are misguided ( 4208: 4183: 4157: 2293: 1465: 1424: 1158: 1136: 1033: 984: 922: 887: 485: 375: 224: 171: 133: 92: 77: 61: 51:

where countries seek to gain a trade advantage over other countries by causing the

2312: 2310: 4381: 3836: 3816: 3789: 3750: 3258: 2380: 2262: 1921: 1891: 1341: 1171: 1092: 996: 988: 789: 699: 636: 400: 385: 289: 4101: 4014:

are available yet in English, but are best sellers in China and South East Asia.

2874: 2467:

Jonathan Wheatley in São Paulo and Peter Garnham in London (27 September 2010).

1947:

that the rise caused by a small devaluation may be offset by other transactions.

1128:, US Treasury secretary, was that the deficit was not a major reason for worry. 4581: 4564:– view from a journalist in Korea, the hosts of the November 2010 G20 summit. ( 4385: 4046: 3944: 3712: 3587: 3561: 3501: 3475: 3337: 3223: 3197: 3150: 3014: 2985: 2963: 2937: 2637: 2574: 1968: 1862: 1534: 1509: 1420: 1415: 1284: 1121: 932: 824: 656: 641: 490: 480: 430: 395: 329: 297: 3986: 2220:

Though developing economies were encouraged to pursue export led growth – see

1361:

said that recent concerns about a possible currency war had been "overblown".

1304:, and Mantega had been able to begin relaxing his anti-appreciation measures. 4595: 4547: 4443: 2850: 2384: 2134: 1497: 1346: 1322: 1020: 1004: 819: 724: 714: 651: 646: 560: 555: 455: 415: 270: 85: 73: 52: 26: 4329:

John Ravenhill (editor), Eirc Helleiner, Louis W Pauly; et al. (2005).

3970:"The Slide to Protectionism in the Great Depression: Who Succumbed and Why?" 3011:"Currency Wars Retreat as Fighting Inflation Makes Emerging Markets Winners" 4463: 4178: 3941:"Bernanke Takes Defense of Monetary Stimulus Abroad, Turns Tables on China" 2444: 2346: 2164: 1567: 1516: 1472: 1457: 1362: 1337: 1247: 1206: 1100: 1000: 661: 550: 470: 305: 251: 243: 148: 100: 3147:"Currency Intervention Revived as Odds of Federal Reserve Easing Escalate" 4491: 2960:"Obama Sharpens Yuan Criticism After G-20 Nations Let China Off the Hook" 2875:

Chris Giles; Alan Beattie; Christian Oliver in Seoul (12 November 2010).

2806: 2777: 2409: 2208: 2191: 2189: 2027:

Despite global trade growing substantially in the 17th and 18th centuries

1405: 1330: 1236: 1228: 1210: 1153: 992: 709: 425: 278: 212: 136:

or to give its exporters a competitive advantage in international trade.

111:

issued statements committing to avoid competitive devaluation. After the

43: 2311:

Michael P. Dooley; David Folkerts-Landau; Peter Garber (February 2009).

1410: 3610:"Guest post: Forget currency wars, we are in the middle of a trade war" 1326: 1016: 999:. When nations wished to compete economically they typically practiced 719: 565: 390: 346: 2186: 1793: 1161:, the US dollar was central to the 2010–2011 outbreak of currency war. 4418: 3666: 3202:"2011 opening Statement by Dilma Rousseff to the UN General Assembly" 2854: 2388: 2297: 2138: 1882: 1575: 1391: 1353:, advising that: "A real currency war remains a remote possibility." 752: 694: 312: 282: 247: 175: 3201: 1528:

competitive against foreign countries. In their review of the book,

1443:

Comparing the situation in 2010 with the currency war of the 1930s,

3964: 266: 56: 2634:"Currency Tensions May Be Curbed With IMF Help, Strauss-Kahn Says" 2313:"Bretton Woods II Still Defines the International Monetary System" 3709:"Race to Bottom Resumes as Central Bankers Ease Anew: Currencies" 3555: 2983: 2750: 1481: 1221: 1012: 987:, governments have often devalued their currency by reducing its 500: 2957: 2351:"Treasury Secretary Geithner on IMF, World Bank Annual Meetings" 1670: 1668: 1484:, which tend to be much more disruptive to international trade. 1454:

damaging the status of the dollar as a global reserve currency.

273:

was the first central bank to claim to have used such a policy.

21: 2811:"How to Level the Capital Playing Field in the Game with China" 2663: 2135:"China's Syndrome: The "dollar trap" in historical perspective" 460: 370: 365: 2934:"Three Reasons Global Talks Hit Dead End: Mohamed A. El-Erian" 1794:

Alan Beattie; Kevin Brown; Jennifer Hughes (4 November 2010).

4125: 3888:"UPDATE 2-Currency war risk threatens investment recovery-UN" 3113: 1883:

Alan Beattie; Kathrin Hille; Ralph Atkins (7 November 2010).

1665: 3279: 4541: 4104:

Review of Currency Wars, Publishers Weekly. 24 October 2011

3415: 2598: 2283: 4390:

This Time Is Different: Eight Centuries of Financial Folly

3706: 3446:"Currency war could cause lasting damage to world economy" 3334:"Yi Warns on Currency Wars as Yuan Close to 'Equilibrium'" 2660:"Possible "currency war" to hamper int'l economy recovery" 1638:

about recent devaluations typically not helping exporters.

1257:

Discussion over currency war and imbalances dominated the

296:

Some leading figures from the critical countries, such as

4585: 4260:

Monetary Orders: Ambiguous Economics, Ubiquitous Politics

3331: 2989: 2578: 1052:

until the latter's early death in 1928. Soon after the

435: 261:

Quantitative easing was widely used as a response to the

108: 3556:

Kristine Aquino; Candice Zachariahs (20 February 2013).

2524:"Capital controls eyed as global currency wars escalate" 4574:– introductory article from a South American magazine ( 4310:

Currency devaluation and emerging economy export demand

3911: 3357: 2958:

Michael Forsythe; Julianna Goldman (12 November 2010).

2521: 1821: 1373:

Analyses has been published by currency strategists at

1261:, but little progress was made in resolving the issue. 1027: 104: 4285:

The Euro as a stabilizer in the international economic

4128:

The International Order of Asia in the 1930s and 1950s

3584:"Currency War Turns Stimulus War as Brazil Surrenders" 2984:

Andrew Walker and other BBC staff (12 November 2010).

2063:

reserve currency and trusted GB to maintain its value.

1858:

China Says Fed Easing May Flood World With 'Hot Money'

1521:"Currency Wars: The Making of the Next Global Crisis," 1406:

Comparison between 1932 and 21st-century currency wars

139: 29:, who made headlines when he raised the alarm about a 3558:"Currency Rhetoric Heats Up as Wheeler Warns on Kiwi" 3064:"Currency wars fade as inflation hits emerging world" 1142: 4527:

article showing various international perspectives (

3735:"No need for hostilities in the phoney currency war" 2782:"How to fight the currency wars with stubborn China" 2414:"Currencies clash in new age of beggar-my-neighbour" 1557: 1275:

In September, as part of her opening speech for the

281:, where market participants can engage in a form of 81:

exchange rates reduced overall international trade.

4415:

The Global impact of the Great Depression 1929–1939

4079:

Currency Wars: The Making of the Next Global Crisis

3812:"China devaluation raises spectre of currency wars" 3440: 2928: 2132: 2003:

Paper Promises: Money, Debt and the New World Order

1912: 1828:

risks Currency Wars and the End of Dollar Hegemony"

1300:had fallen substantially from its peak against the 1073:From the end of World War II until about 1971, the 4212: 2000: 1914: 1884: 1795: 1438:United Nations Conference on Trade and Development 1365:has echoed Eichengreen's view that central bank's 1272:Japan to push down the value of their currencies. 313:International conditions required for currency war 3707:Emma Charlton; John Detrixhe (11 November 2013). 3472:"The Surprising Upside to Japan's 'Currency War'" 3090:"TBig guns muffled as currency wars enter a lull" 2575:"Currency wars threaten global economic recovery" 4593: 3680: 3607: 3254:"Brazil launches fresh 'currency war' offensive" 3251: 2716: 1961: 1854: 1719: 3914:"Currency wars are necessary if all else fails" 3332:Jeff Black; Zoe Schneeweiss (28 January 2013). 3280:Alan Beattie; Richard McGregor (17 June 2012). 3114:Chris Giles; John Paul Rathbone (7 July 2011). 2440:"World gripped by 'international currency war'" 2385:"Message for the G20: SDR Are Your Best Answer" 1321:, the finance minister for South Korea, and by 227:in place—due to conditions that arise from the 3636:"Jens China 'fully prepared' for currency war" 3633: 3500: 3409: 3222: 3196: 3061: 2572: 2286:International Journal of Finance and Economics 2255: 72:out in the 1930s when countries abandoned the 4102:http://www.publishersweekly.com/9781591844495 3885: 3771: 3683:"Germany feels US ire over war on currencies" 3659: 3383: 3358:Michael Steen; Alice Ross (7 February 2013). 3170: 3035: 2682: 2522:Ambrose Evans-Pritchard (29 September 2010). 2498:"Hostilities escalate to hidden currency war" 1994: 954: 4468:Paul Wilmott Introduces Quantitative Finance 4245:Currency devaluation in developing countries 4215:Macroeconomics: A European Text, 4th edition 4073: 3938: 3850: 3282:"Temperature drops in currency wars for G20" 3087: 2900: 2848: 2495: 2345: 2207:Though a few commentators have asserted the 2163: 1906: 1767: 1124:, then Chairman of the Federal Reserve, and 197: 4045: 3912:Ambrose Evans-Pritchard (10 October 2010). 3905: 3144: 2805: 2776: 2720:Deep pockets support China's forex politics 2491: 2489: 2408: 2126: 1822:Ambrose Evans-Pritchard (1 November 2010). 154:balance 1980–2008 (US$ Billions) based on 129:intervention in the foreign exchange market 4548:Why China's exchange rate is a red herring 4412: 3832:"Kazakhstan and Vietnam weaken currencies" 3307:"Jens Weidmann warns of currency war risk" 2986:"G20 to tackle US-China currency concerns" 2379: 2084: 983:For millennia, going back to at least the 961: 947: 4572:Brazil's Currency wars – a 'real' problem 4370:CS1 maint: multiple names: authors list ( 4328: 4283:Robert A. Mundell; Armand Clesse (2000). 3853:"G20 currency fist fight rolls into town" 3732: 3581: 3469: 3412:"Currency War? Not Just Yet, Expert Says" 3386:"Currency farce reveals US-Japan dispute" 2195: 2159: 2157: 2155: 2096: 2072: 2036: 1913:Ed Luce; James Lamont (8 November 2010). 1761: 1205:, then managing director of the IMF, and 4380: 4257: 4126:Shigru Akita; Nicholas J. White (2009). 4023: 3532:"G20 finance chiefs take heat off Japan" 2691:"US-China currency war a power struggle" 2554:. The Financial Times. 29 September 2010 2486: 2437: 2355:United States Department of the Treasury 2243: 1610: 1409: 1152: 246:tries to mitigate a potential or actual 143: 20: 4462: 4282: 4024:McGregor, Richard (25 September 2007). 4017: 3506:"Currency wars are best fought quietly" 3107: 2604:"Time to end the myth of currency wars" 2402: 2108: 1886:"Asia Softens Criticism of U.S. Stance" 1797:"Backlash Against Fed's $ 600bn Easing" 1695: 1384: 1307: 1095:and various tiger economies during the 4594: 4437: 4239: 4154: 3360:"Draghi move fuels currency war fears" 2903:"U.S. Gets Rebuffed at Divided Summit" 2877:"G20 shuns US on trade and currencies" 2717:James Mackintosh (27 September 2010). 2688: 2460: 2152: 2123:, esp chp1; pp. 240, 319–321; chp 1–11 2120: 1957: 1955: 1953: 1720:James Mackintosh (28 September 2010). 1647: 1598: 1586: 1231:, an economics leader writer with the 1197:Other analysts such as Goldman Sach's 973: 234: 4207: 4177: 3608:Humayun Shahryar (19 February 2013). 3116:"Currecny wars not over, says Brazil" 2868: 2333: 2133:Olivier Accominotti (23 April 2011). 1707: 1390:analysts working in the FX markets. 1268:that the conflict was still ongoing. 1063:Tripartite monetary agreement of 1936 4550:alternative view by the chairman of 4490: 4307: 4026:"Chinese buy into conspiracy theory" 3844: 3681:James Mackintosh (1 November 2013). 3173:"Japan intervenes to force down yen" 2689:Bagchi, Indrani (14 November 2010). 2321:National Bureau of Economic Research 1962:Joshua E Keating (14 October 2010). 1855:Michael Forsythe (8 November 2010). 1674: 1659: 1622: 1394:for example, a managing director at 1068: 1028:Currency war in the Great Depression 1950: 263:financial crises that began in 2007 140:Reasons for intentional devaluation 13: 4525:Global economy: Going head to head 3410:Kelley Holland (24 January 2013). 3384:Robin Harding (13 February 2013). 3252:Samantha Pearson (15 March 2012). 2851:"A currency war the US cannot win" 2746:"Who's winning the currency wars?" 2496:Alan Beattie (27 September 2010). 1508:In another book of the same name, 1241:Centre for European Policy Studies 1143:Competitive devaluation after 2009 345: 14: 4633: 4518: 3968:and Douglas Irwin (3 July 2009). 3939:Scott Lanman (19 November 2010). 3886:Jonathan Lynn (14 October 2010). 3772:David Keohane (5 February 2015). 3660:Peter Garnham (16 January 2013). 2901:EVAN RAMSTAD (19 November 2010). 2754:. 11 October 2010. Archived from 2666:. 17 October 2010. Archived from 2573:Russell Hotten (7 October 2010). 2169:"Who is afraid of currency wars?" 1336:In early February, ECB president 1279:, and also in an article for the 614:International Chamber of Commerce 4119: 4107: 4095: 4067: 4039: 4010:Neither the book nor its sequel 4004: 3958: 3932: 3879: 3851:Alan Beattie (11 October 2010). 3774:"All currency war, all the time" 3062:Stefan Wagstyl (13 April 2011). 2849:Yiping Huang (19 October 2010). 2469:"Brazil in 'currency war' alert" 1916:"Obama Defends QE2 ahead of G20" 1770:"The global implications of QE2" 1560: 242:(QE) is the practice in which a 4258:Jonathan Kirshner, ed. (2002). 3870: 3824: 3804: 3765: 3726: 3700: 3674: 3653: 3634:Louisa Peacock (2 March 2013). 3627: 3601: 3575: 3549: 3523: 3494: 3463: 3434: 3403: 3377: 3351: 3325: 3299: 3273: 3245: 3216: 3190: 3171:Lindsay Whipp (4 August 2011). 3164: 3138: 3081: 3055: 3029: 3003: 2977: 2951: 2922: 2894: 2842: 2833: 2799: 2770: 2738: 2710: 2652: 2626: 2592: 2566: 2551:West inflates EM 'super bubble' 2542: 2515: 2431: 2373: 2339: 2327: 2304: 2277: 2249: 2237: 2227: 2214: 2201: 2114: 2102: 2090: 2078: 2066: 2056: 2042: 2030: 2021: 1988: 1936: 1876: 1848: 1815: 1787: 1768:Gavyn Davies (4 October 2010). 1751: 1741: 1713: 1701: 1349:, chief currency strategist at 1106: 1081: 4602:History of international trade 4584:introductory article from the 4582:What's the currency war about? 3662:"Currency wars: a handy guide" 3036:Steve Johnson (6 March 2011). 2438:Tim Webb (28 September 2010). 2256:Neil C. Hughes (1 July 2005). 1689: 1680: 1653: 1641: 1628: 1616: 1604: 1592: 1367:unconventional monetary policy 115:launched a fresh programme of 1: 4147: 3733:Editorial (23 January 2015). 3470:Peter Koy (24 January 2013). 3145:Shamim Adam (4 August 2011). 1487: 1396:Bank of America Merrill Lynch 1292:further appreciation for the 978: 204:International monetary system 122: 4607:International macroeconomics 4562:Q. What is a 'currency war'? 4211:and Charles Wyplosz (2005). 3088:Alan Beattie (13 May 2011). 1995:Philip Coggan, ed. (2011). " 1964:"Why do currency wars start" 1176:competitive non-appreciation 690:Intellectual property rights 213:managed exchange rate regime 7: 4413:Dietmar Rothermund (1996). 4081:. suman Portfolio/Penguin. 3038:"Currency war deemned over" 1553: 672:Economic and monetary union 594:International Monetary Fund 531:Voluntary export restraints 229:impossible trinity trilemma 191:balance of payments deficit 183:International Monetary Fund 156:International Monetary Fund 25:Brazilian Finance Minister 10: 4638: 4394:Princeton University Press 4249:Princeton University Press 3582:Peter Koy (4 March 2013). 3313:. Reuters. 21 January 2013 1277:66th United Nations Debate 1146: 667:Customs and monetary union 609:World Customs Organization 599:International Trade Centre 1999:, see esp Introduction". 1340:agreed that expansionary 1149:Currency War of 2009–2011 1054:Wall Street Crash of 1929 632:Preferential trading area 198:Mechanism for devaluation 187:Marshall–Lerner condition 68:, harming all countries. 4535:Data visualization from 4331:Global Political Economy 4264:Cornell University Press 4130:. Ashgate. p. 284. 2258:"A Trade War with China" 1548:Second Sino-Japanese War 913:Balassa–Samuelson effect 908:Ricardian trade theories 795:Largest consumer markets 604:World Trade Organization 4335:Oxford University Press 4221:Oxford University Press 4155:Liaquat Ahamed (2009). 2908:The Wall Street Journal 2600:Jim O'Neill (economist) 1969:Foreign Policy magazine 1445:Ambrose Evans-Pritchard 1351:Brown Brothers Harriman 1296:. By June however, the 1168:2009 G-20 London Summit 1157:As the world's leading 1005:protect home industries 928:Lerner symmetry theorem 4312:. Ashgate Publishing. 1428: 1283:, Brazilian president 1259:2010 G-20 Seoul summit 1252:2010 G-20 Seoul summit 1203:Dominique Strauss-Kahn 1162: 903:Gravity model of trade 800:Leading trade partners 705:Government procurement 506:Exchange rate controls 350: 302:People's Bank of China 256:open market operations 159: 34: 4500:Yale University Press 4496:Fixing Global Finance 4308:James R Owen (2005). 3781:registration required 3742:registration required 3226:(21 September 2011). 3200:(21 September 2011). 2809:(23 September 2010). 2412:(29 September 2010). 1540:German hyperinflation 1501:by Chinese economist 1413: 1156: 883:Heckscher–Ohlin model 878:Competitive advantage 873:Comparative advantage 760:Trade and development 521:Countervailing duties 349: 176:inflationary pressure 147: 113:European Central Bank 49:international affairs 24: 4576:SoundsandColours.com 4552:Intelligence Capital 4438:John Sloman (2004). 4189:Simon & Schuster 2932:(17 November 2010). 2602:(21 November 2010). 2222:Washington Consensus 2198:, pp. 12–15, 177–204 1581:World-systems theory 1385:Currency war in 2015 1308:Currency war in 2013 1097:Asian crises of 1997 1075:Bretton Woods system 1038:beggar thy neighbour 898:Intra-industry trade 626:Economic integration 576:Economic integration 571:Economic nationalism 293:emerging economies. 208:Bretton Woods system 47:, is a condition in 3918:The Daily Telegraph 3857:The Financial Times 3687:The Financial Times 3640:The Daily Telegraph 3614:The Financial Times 3536:The Financial Times 3510:The Financial Times 3504:(25 January 2013). 3444:(24 January 2013). 3442:Mohamed A. El-Erian 3422:on 15 February 2013 3390:The Financial Times 3364:The Financial Times 3311:The Daily Telegraph 3286:The Financial Times 3232:The Financial Times 3177:The Financial Times 3120:The Financial Times 3094:The Financial Times 3068:The Financial Times 3042:The Financial Times 2930:Mohamed A. El-Erian 2881:The Financial Times 2786:The Financial Times 2758:on 28 February 2011 2725:The Financial Times 2608:The Financial Times 2528:The Daily Telegraph 2502:The Financial Times 2473:The Financial Times 2418:The Financial Times 2317:NBER Working Papers 2173:The Financial Times 2167:(3 February 2013). 2099:, pp. 9–12, 177–204 2075:, pp. 7–22, 177–204 1833:The Daily Telegraph 1802:The Financial Times 1774:The Financial Times 1727:The Financial Times 1710:, pp. 248, 515, 516 1587:Notes and citations 1519:, in his 2011 book 1477:The Financial Times 1450:The Daily Telegraph 1325:, president of the 974:Historical overview 526:Anti-dumping duties 466:Non-tariff barriers 411:Import substitution 240:Quantitative easing 235:Quantitative easing 117:quantitative easing 97:quantitative easing 95:, and, indirectly, 66:international trade 4363:has generic name ( 4161:. WindMill Books. 3482:on 27 January 2013 2780:(5 October 2010). 2696:The Times of India 2670:on 20 October 2010 2349:(6 October 2010). 1495:In the 2007 book, 1471:In February 2013, 1429: 1239:, Director of the 1163: 1089:The United Kingdom 893:Economic geography 700:Competition policy 496:Technical barriers 476:Tariff-rate quotas 421:Trade facilitation 406:Export orientation 351: 300:, governor of the 250:by increasing the 168:standard of living 160: 127:In the absence of 35: 4617:Monetary hegemony 4509:978-0-300-14277-8 4481:978-0-470-31958-1 4403:978-0-19-926584-8 4241:Richard N. Cooper 4198:978-0-85720-285-7 4168:978-0-09-949308-2 4137:978-0-7546-5341-7 4088:978-1-59184-449-5 4060:978-1-84529-369-7 3983:Dartmouth College 3966:Barry Eichengreen 3840:. 19 August 2015. 3820:. 11 August 2015. 2821:on 9 October 2010 2361:on 4 January 2011 2014:978-1-84614-510-0 1677:, pp. 1–5, 98–100 1530:Publishers Weekly 1434:Barry Eichengreen 1359:Christine Lagarde 1113:1997 Asian crisis 1069:Bretton Woods era 1011:controls such as 971: 970: 918:Linder hypothesis 730:Emissions trading 164:Richard N. Cooper 33:in September 2010 4629: 4513: 4485: 4457: 4432: 4407: 4375: 4368: 4362: 4358: 4356: 4348: 4323: 4302: 4277: 4252: 4234: 4218: 4209:Michael C. Burda 4202: 4184:Beyond the Crash 4172: 4158:Lords of Finance 4142: 4141: 4123: 4117: 4111: 4105: 4099: 4093: 4092: 4071: 4065: 4064: 4043: 4037: 4036: 4034: 4032: 4021: 4015: 4008: 4002: 4001: 3999: 3997: 3991: 3985:. 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Archived from 2343: 2337: 2331: 2325: 2324: 2308: 2302: 2301: 2298:10.1002/ijfe.250 2281: 2275: 2274: 2272: 2270: 2253: 2247: 2241: 2235: 2231: 2225: 2218: 2212: 2205: 2199: 2193: 2184: 2183: 2181: 2179: 2161: 2150: 2149: 2147: 2145: 2130: 2124: 2118: 2112: 2106: 2100: 2094: 2088: 2082: 2076: 2070: 2064: 2060: 2054: 2046: 2040: 2034: 2028: 2025: 2019: 2018: 2006: 1992: 1986: 1985: 1983: 1981: 1976:on 23 April 2011 1972:. Archived from 1959: 1948: 1945:foreign exchange 1940: 1934: 1933: 1931: 1929: 1918: 1910: 1904: 1903: 1901: 1899: 1888: 1880: 1874: 1873: 1871: 1869: 1852: 1846: 1845: 1843: 1841: 1819: 1813: 1812: 1810: 1808: 1799: 1791: 1785: 1784: 1782: 1780: 1765: 1759: 1755: 1749: 1745: 1739: 1738: 1736: 1734: 1717: 1711: 1705: 1699: 1693: 1687: 1684: 1678: 1672: 1663: 1657: 1651: 1645: 1639: 1632: 1626: 1620: 1614: 1608: 1602: 1596: 1570: 1565: 1564: 1563: 1466:Great Depression 1425:Great Depression 1184:Financial Times' 1159:Reserve currency 1137:Bretton Woods II 1034:Great Depression 985:Classical period 963: 956: 949: 923:Leontief paradox 888:New trade theory 491:Export subsidies 376:Balance of trade 324: 323: 225:capital controls 172:purchasing power 134:balance of trade 93:capital controls 78:Great Depression 62:purchasing power 40:, also known as 4637: 4636: 4632: 4631: 4630: 4628: 4627: 4626: 4592: 4591: 4578:, October 2010) 4568:, October 2010) 4531:, October 2010) 4529:Financial Times 4521: 4516: 4510: 4482: 4454: 4429: 4404: 4382:Carmen Reinhart 4369: 4360: 4359: 4350: 4349: 4345: 4320: 4299: 4274: 4231: 4199: 4169: 4150: 4145: 4138: 4124: 4120: 4112: 4108: 4100: 4096: 4089: 4072: 4068: 4061: 4044: 4040: 4030: 4028: 4022: 4018: 4009: 4005: 3995: 3993: 3989: 3972: 3963: 3959: 3949: 3947: 3937: 3933: 3923: 3921: 3910: 3906: 3896: 3894: 3884: 3880: 3875: 3871: 3861: 3859: 3849: 3845: 3837:Financial Times 3830: 3829: 3825: 3817:Financial Times 3810: 3809: 3805: 3795: 3793: 3790:Financial Times 3778: 3776: 3770: 3766: 3756: 3754: 3751:Financial Times 3739: 3737: 3731: 3727: 3717: 3715: 3705: 3701: 3691: 3689: 3679: 3675: 3658: 3654: 3644: 3642: 3632: 3628: 3618: 3616: 3606: 3602: 3592: 3590: 3580: 3576: 3566: 3564: 3554: 3550: 3540: 3538: 3528: 3524: 3514: 3512: 3499: 3495: 3485: 3483: 3468: 3464: 3454: 3452: 3439: 3435: 3425: 3423: 3408: 3404: 3394: 3392: 3382: 3378: 3368: 3366: 3356: 3352: 3342: 3340: 3330: 3326: 3316: 3314: 3305: 3304: 3300: 3290: 3288: 3278: 3274: 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2177: 2175: 2162: 2153: 2143: 2141: 2131: 2127: 2119: 2115: 2107: 2103: 2095: 2091: 2085:Rothermund 1996 2083: 2079: 2071: 2067: 2061: 2057: 2047: 2043: 2035: 2031: 2026: 2022: 2015: 1993: 1989: 1979: 1977: 1960: 1951: 1941: 1937: 1927: 1925: 1922:Financial Times 1911: 1907: 1897: 1895: 1892:Financial Times 1881: 1877: 1867: 1865: 1853: 1849: 1839: 1837: 1820: 1816: 1806: 1804: 1792: 1788: 1778: 1776: 1766: 1762: 1756: 1752: 1746: 1742: 1732: 1730: 1718: 1714: 1706: 1702: 1694: 1690: 1685: 1681: 1673: 1666: 1658: 1654: 1646: 1642: 1636:2018 FT article 1633: 1629: 1621: 1617: 1609: 1605: 1597: 1593: 1589: 1566: 1561: 1559: 1556: 1490: 1408: 1387: 1342:monetary policy 1310: 1281:Financial Times 1266:Financial Times 1233:Financial Times 1191:The Telegraph's 1151: 1145: 1118:current account 1109: 1093:Black Wednesday 1084: 1071: 1050:Benjamin Strong 1030: 1009:current account 997:Napoleonic wars 989:intrinsic value 981: 976: 967: 938: 937: 868: 860: 859: 815: 805: 804: 775: 765: 764: 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Ferguson 3493: 3478:Archived from 3476:Bloomberg L.P. 3462: 3433: 3402: 3376: 3350: 3338:Bloomberg L.P. 3324: 3298: 3272: 3244: 3224:Dilma Rousseff 3215: 3198:Dilma Rousseff 3189: 3163: 3151:Bloomberg L.P. 3137: 3126:on 8 July 2011 3106: 3080: 3054: 3028: 3015:Bloomberg L.P. 3002: 2976: 2964:Bloomberg L.P. 2950: 2938:Bloomberg L.P. 2921: 2893: 2867: 2841: 2832: 2798: 2769: 2737: 2709: 2681: 2651: 2640:9 October 2010 2638:Bloomberg L.P. 2625: 2591: 2565: 2541: 2514: 2485: 2459: 2430: 2401: 2372: 2338: 2326: 2303: 2292:(4): 307–313. 2276: 2248: 2236: 2226: 2213: 2200: 2196:Ravenhill 2005 2185: 2151: 2125: 2113: 2101: 2097:Ravenhill 2005 2089: 2077: 2073:Ravenhill 2005 2065: 2055: 2051:General Theory 2041: 2037:Ravenhill 2005 2029: 2020: 2013: 2007:. Allen Lane. 1987: 1949: 1935: 1905: 1875: 1863:Bloomberg L.P. 1847: 1814: 1786: 1760: 1750: 1740: 1722:"Currency War" 1712: 1700: 1688: 1679: 1664: 1652: 1650:, pp. 965–1034 1640: 1634:See also this 1627: 1615: 1603: 1590: 1588: 1585: 1584: 1583: 1578: 1572: 1571: 1555: 1552: 1535:Kirkus Reviews 1489: 1486: 1421:Dorothea Lange 1416:Migrant Mother 1407: 1404: 1386: 1383: 1309: 1306: 1285:Dilma Rousseff 1147:Main article: 1144: 1141: 1122:Alan Greenspan 1108: 1105: 1083: 1080: 1070: 1067: 1048:and America's 1046:Montagu Norman 1029: 1026: 980: 977: 975: 972: 969: 968: 966: 965: 958: 951: 943: 940: 939: 936: 935: 933:Terms of trade 930: 925: 920: 915: 910: 905: 900: 895: 890: 885: 880: 875: 869: 866: 865: 862: 861: 858: 857: 852: 847: 842: 837: 832: 827: 825:Trading nation 822: 816: 811: 810: 807: 806: 803: 802: 797: 792: 787: 782: 776: 771: 770: 767: 766: 763: 762: 757: 756: 755: 750: 745: 737: 732: 727: 722: 717: 712: 707: 702: 697: 692: 686: 683: 682: 679: 678: 675: 674: 669: 664: 659: 657:Economic union 654: 649: 644: 642:Currency union 639: 634: 628: 625: 624: 621: 620: 617: 616: 611: 606: 601: 596: 590: 587: 586: 583: 582: 579: 578: 573: 568: 563: 558: 553: 547: 542: 541: 538: 537: 534: 533: 528: 523: 518: 513: 508: 503: 498: 493: 488: 486:Customs duties 483: 478: 473: 468: 463: 458: 456:Trade barriers 452: 447: 446: 443: 442: 439: 438: 433: 431:Domestic trade 428: 423: 418: 413: 408: 403: 398: 396:Trade creation 393: 388: 383: 378: 373: 368: 362: 357: 356: 353: 352: 342: 341: 335: 334: 314: 311: 298:Zhou Xiaochuan 236: 233: 199: 196: 141: 138: 124: 121: 17: 9: 6: 4: 3: 2: 4634: 4623: 4620: 4618: 4615: 4613: 4610: 4608: 4605: 4603: 4600: 4599: 4597: 4587: 4583: 4580: 4577: 4573: 4570: 4567: 4563: 4560: 4557: 4553: 4549: 4546: 4543: 4539: 4538: 4533: 4530: 4526: 4523: 4522: 4511: 4505: 4501: 4497: 4493: 4489: 4488: 4483: 4477: 4473: 4469: 4465: 4461: 4460: 4455: 4453:0-7450-1333-3 4449: 4445: 4444:Prentice Hall 4441: 4436: 4435: 4430: 4428:0-415-11819-0 4424: 4420: 4416: 4411: 4410: 4405: 4399: 4395: 4391: 4387: 4383: 4379: 4378: 4373: 4366: 4361:|author= 4354: 4346: 4344:0-19-926584-4 4340: 4336: 4332: 4327: 4326: 4321: 4319:0-7546-3963-0 4315: 4311: 4306: 4305: 4300: 4298:0-7923-7755-9 4294: 4290: 4286: 4281: 4280: 4275: 4273:0-8014-8840-0 4269: 4265: 4261: 4256: 4255: 4250: 4246: 4242: 4238: 4237: 4232: 4230:0-19-926496-1 4226: 4222: 4217: 4216: 4210: 4206: 4205: 4200: 4194: 4190: 4186: 4185: 4180: 4176: 4175: 4170: 4164: 4160: 4159: 4153: 4152: 4139: 4133: 4129: 4122: 4115: 4110: 4103: 4098: 4090: 4084: 4080: 4076: 4070: 4062: 4056: 4053:. Constable. 4052: 4051:Currency Wars 4048: 4042: 4027: 4020: 4013: 4007: 3988: 3984: 3980: 3979: 3971: 3967: 3961: 3946: 3942: 3935: 3919: 3915: 3908: 3893: 3889: 3882: 3873: 3858: 3854: 3847: 3839: 3838: 3833: 3827: 3819: 3818: 3813: 3807: 3792: 3791: 3782: 3775: 3768: 3753: 3752: 3743: 3736: 3729: 3714: 3710: 3703: 3688: 3684: 3677: 3669: 3668: 3663: 3656: 3641: 3637: 3630: 3615: 3611: 3604: 3589: 3585: 3578: 3563: 3559: 3552: 3537: 3533: 3526: 3511: 3507: 3503: 3497: 3481: 3477: 3473: 3466: 3451: 3447: 3443: 3437: 3421: 3417: 3413: 3406: 3391: 3387: 3380: 3365: 3361: 3354: 3339: 3335: 3328: 3312: 3308: 3302: 3287: 3283: 3276: 3261: 3260: 3255: 3248: 3233: 3229: 3225: 3219: 3203: 3199: 3193: 3178: 3174: 3167: 3152: 3148: 3141: 3125: 3121: 3117: 3110: 3095: 3091: 3084: 3069: 3065: 3058: 3043: 3039: 3032: 3016: 3012: 3006: 2991: 2987: 2980: 2965: 2961: 2954: 2939: 2935: 2931: 2925: 2910: 2909: 2904: 2897: 2882: 2878: 2871: 2856: 2852: 2845: 2836: 2820: 2816: 2812: 2808: 2802: 2787: 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4284: 4259: 4244: 4214: 4182: 4179:Gordon Brown 4156: 4127: 4121: 4109: 4097: 4078: 4075:Jim Rickards 4069: 4050: 4041: 4029:. 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