Large hoarding of international reserves and the emerging global economic architecture

被引:19
作者
Aizenman, Joshua [1 ]
机构
[1] NBER, Cambridge, MA 02138 USA
关键词
D O I
10.1111/j.1467-9957.2008.01072.x
中图分类号
F [经济];
学科分类号
02 ;
摘要
The emerging financial configuration of developing countries has been growing managed exchange rate flexibility, greater monetary independence and deeper financial integration. Hoarding international reserves is a key ingredient enhancing the stability of this emerging configuration. International reserves help by providing self-insurance; mitigating real exchange rate effects of terms of trade shocks; and export promotion. Countries following an export-oriented growth strategy may end up with competitive hoarding, akin to competitive devaluations. The size of China and its lower sterilization costs suggest that China may be the winner of a hoarding game. Testing precautionary motives may be challenged by the 'peso problem'.
引用
收藏
页码:487 / 503
页数:17
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