TOKYO The risk of global currency and trade wars is rising, with most economies now engaged in competitive devaluations.

The objective in currency markets is, indeed, often to guess what others will be thinking. But even if government intervention can affect exchange rates in the short run, in the longer run, it is market fundamentals that matter.

The objective in currency markets is, indeed, often to guess what others will be thinking.

The Return of Currency Wars

Exchange Rate Disorder

RBS suspends two forex traders

It is always risky to write about exchange rates.

The first is exchange rate relationships.

You label them. You do some high tech things here and there, some low tech things here and there.

The Bonus Risk

The Risk Tsunami

There's a large risk involved.

That's a risk.

The risk is small.

The Hidden Purposes of High Finance

Abu Zubeida, the network s operations chief

Operations Branch

That risk is substantial.

Sovereign Environmental Risk

The risks are high.

A calculated risk is always unavoidable.

However, the risk remains.

The risk is too great.

This risk is unacceptable.

This is a serious risk.

That risk paid off.

Exchange rate policies are key.

There is the risk of overstimulation, with fiscal deficits fueling large current account deficits and debts, which suddenly become unsustainable when money gets tight.

Freezing, seizure and confiscation

Peter Kenen argued in the late 1960 s that without exchange rate movements as a shock absorber, a currency union requires fiscal transfers as a way to share risk.

The lender who can t judge the risk goes for investments that promise higher yields.

The borrower knows the risk is high, but tells the lender it is low.

After three years of huge, crisis driven exchange rate swings, it is useful to take stock both of currency values and of the exchange rate system as a whole.

A new type of order emerged in the world s exchange rate system.

Indeed, Europe will be the major sufferer in the new currency clashes.

This only fed the run on deposits and drained foreign exchange reserves.

Pakistan s Moral Hazard Economy

But it is a worthwhile risk.

The Real Interest Rate Risk

It forced him to be a little more innovative.

The risks here are all too real.

There is a risk for 'green colonialism'

I don't care about the risk.

I'm well aware of the risk.

UNTAC currently has staff working in those agencies who follow operations on a daily basis, and whose approval is required before expenditure and other key operations can be undertaken.