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Should a Central Bank Spend Part of Its International Reserves?

August 08, 2017

It is sad that politicians just want to spend money and will make an attempt to grab whatever money is available to them, even in a developed and well-functioning economy (up till now). To understand how this grab for some of the international reserves will put the Swiss central bank at the peril of capital outflows that could break the bank, we need to review the workings of an exchange rate system where the central bank attempts to prevent the currency from appreciating too much.

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