01762cas a2200253 a 4500 AALejournalIMF005888 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451872811 1018-5941 BD-DhAAL BD-DhAAL Yan, Isabel. Balance of Payments Anti-Crises / Isabel Yan, Michael Kumhof. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (22 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciations and in some cases increases in domestic inflation. We show that one way to understand these episodes is as manifestations of balance of payments anti-crises, as reflecting the perception that the government intends to discontinue its accumulation of reserves in the near future. The end-phase of such crises is characterized by nominal interest rates approaching their zero lower bound in accelerating fashion and, if the government targets CPI inflation, by fast increasing domestic inflation. Mode of access: Internet Kumhof, Michael. IMF Working Papers; Working Paper ; No. 2009/134 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/134/001.2009.issue-134-en.xml IMF e-Library