Recherche
S'identifier
jeudi 4 septembre 2014
Tous les titres

 

Fax du jeudi 4 septembre 2014 - Tous les titres

go back Retour << Article précédent     Article suivant >>

 

Why currency wars matter

By Jonathan Baltora, Portfolio Manager of AXA World Funds Universal Inflation Bonds*   The post-global financial crisis (GFC) economy central banks have massively expanded their balance sheets through direct bank lending and in some instances, public and private large scale asset purchase (LSAP) plans. We find that balance sheet expansion has very often led to currency depreciation despite central banks denying this was the objective.   As a result, the term “currency war” has been quick to emerge, to describe an environment of competitive backdoor currency interventions aimed at boosting competitiveness. We believe that currency shocks are important for future inflation and that backdoor currency depreciations have helped central banks to reach...
Cette page n'est accessible qu'aux abonnés payants.
Veuillez vous identifier si vous êtes abonnés à la consultation de nos archives.
Nous vous invitons à souscrire un abonnement, ou à prendre contact avec nous.

This page is only accessible to paying subscribers.
Please identify yourself if you have subscribed to the consultation of our archives.
We invite you to take out a subscription, or to contact us.
Ces entreprises nous font bénéficier de  leur expertise en collaborant avec Agefi Luxembourg.

These companies give us the benefit of their expertise by collaborating with Agefi Luxembourg.
Loyens & Loeff
Generali Investements LU
Linklaters
Fi&FO
Lamboley Executive Search
Lpea.lu
J. P. Morgan
NautaDutilh
Paragon
Allen & Overy
Sia Partners
Stibbe
Ernst&Young
VP Bank
Comarch
Castegnaro
Square management
MIMCO Capital
SOCIETE GENERALE Securities Services
Pictet Asset Management
Zeb Consulting
AXA IM Luxembourg
Bearingpoint
DLA PIPER
Mazars.lu