HKS Affiliated Authors


All Quiet on the Currency Front. Jeffrey Frankel, June 11, 2013, Opinion. "The term “currency wars” is a catchy way of saying “competitive devaluation.” In the wake of the sharp fall in the value of the yen over the last six months, owing to the monetary component of Japan’s efforts to jump-start its economy, the issue is expected to feature prominently on the agenda at the G-8’s upcoming summit in Northern Ireland. But should it? According to the International Monetary Fund, competitive devaluation occurs when countries are “manipulating exchange rates…to gain an unfair competitive advantage over other members… Link verified March 28, 2014