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From: Mervin Yeung <tinyeung@xxxxxxxx>
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Hi Jerry,
I am not able to place posts on RT Forum. RT Tech. Support replied and
told me to contact them again if the problem remains. Well, my e-mail
could not even reach the RT Tech. Support. Recently, I upgraded my
Netscape to Netscape Communicator 4.7. I don't think this has anything
to do with it. Please forward this mail to RT Tech. Support. The
e-mail address for RT tech. Support is: support@xxxxxxxxxxxxxxx
(For RT Tech. Support: See the forwarded e-mail below for the details
on Mail System Error. )
Thanks, Jerry! Happy New Millennium!
Mervin
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Date: Fri, 31 Dec 1999 11:55:37 -0800
From: Mervin Yeung <tinyeung@xxxxxxxx>
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test, please delete......
e.g. Bank of Japan buys USD in the forex market by selling yen. If
this is an unsterilized intervention, BoJ increases money supply. If
this is a sterilized intervention, BoJ actually keeps money supply
unchanged. In a sterilized intervention, BoJ sterilizes an intervention
by selling Japanese Government Bonds equivalent to the intervention.
Thus, what BoJ has done is "acquiring USD and then selling JGB",
hence, a sterilized intervention is actually a loan from BoJ to the USA,
therefore, a sterilized intervention is closer to a fiscal policy than a
monetary policy. (If BoJ uses the acquired USD to buy Treasury issues,
then it is a loan to the USA. )
On the discussion of "monetize the debt":
(1) If the Treasury sells its bonds to the public to fund the deficit,
money is transferred from the public's hands to the government's hands.
There is nothing inherently inflationary in this process -- no new money
is created as a direct result of this sale. (2) If the Treasury sells
its bonds directly to the Fed, the money used to pay for them is
"printed" -- the Fed credits the Treasury's account with the purchase
price of the bonds, plus it increases its inventory of securities for
open market operations. This process is called "monetize the debt" and
it is obviously and directly inflationary. e.g. If the government
needs to sell $100 billion T-bonds to finance its spending, the Fed buys
$10 billion T-bonds (assume the reserve ratio is 0.1) on the open market
to enable the banking system to lend the $100 billion needed to finance
the new Treasury issue. This obviously increases money supply.
Mervin
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