International Reserves : Precautionary vs. Mercantilist Views, Theory and Evidence /
This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries. Overall, empirical results support precautionary motives; in particular, a more liberal capital account regime increases international reserves. Theoretical...
| Հիմնական հեղինակ: | |
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| Այլ հեղինակներ: | |
| Ձևաչափ: | Ամսագիր |
| Լեզու: | English |
| Հրապարակվել է: |
Washington, D.C. :
International Monetary Fund,
2005.
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| Շարք: | IMF Working Papers; Working Paper ;
No. 2005/198 |
| Առցանց հասանելիություն: | Full text available on IMF |
| Ամփոփում: | This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries. Overall, empirical results support precautionary motives; in particular, a more liberal capital account regime increases international reserves. Theoretically, large precautionary demand for international reserves arises as a self-insurance to avoid costly liquidation of long-term projects when the economy is susceptible to sudden stops. The welfare gain from the optimal management of international reserves is of a first-order magnitude, reducing the welfare cost of liquidity shocks from a first-order to a second-order magnitude. |
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| Նյութի նկարագրություն: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Ֆիզիկական նկարագրություն: | 1 online resource (30 pages) |
| Ձևաչափ: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| Հասանելի: | Electronic access restricted to authorized BRAC University faculty, staff and students |