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Reserve Accumulation in Asia

Author

Listed:
  • Graham Bird
  • Alex Mandilaras

Abstract

In the aftermath of the 1997/1998 crisis, Asian economies have built up large holdings of international reserves. Although initially encouraged to do so by the IMF, more recently they have been criticised for maintaining undervalued currencies, running large current account balance of payments surpluses and accumulating excessive reserves, policies that have been blamed in part for causing global economic imbalances. This paper examines two related issues. The first is the role of closer international macroeconomic policy co-ordination in rectifying the imbalances and the institutional mechanisms through which this may be achieved. The second is the alternative ways in which the liquidity needs of Asian economies may be met without them having to acquire large reserve holdings. There may be an inconsistency in opposing reserve accumulation in Asia and at the same time blocking reform that would provide additional security against subsequent economic and financial crises.

Suggested Citation

  • Graham Bird & Alex Mandilaras, 2005. "Reserve Accumulation in Asia," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 6(1), pages 85-99, January.
    • Handle: RePEc:wej:wldecn:201
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    Cited by:

    1. Biswajit Nag & Partha Ray, 2021. "Two Crises Separated by a Decade: Political Economy of Trade Strategy and Reserves Accumulation in East Asia," Journal of Asian Economic Integration, , vol. 3(2), pages 169-189, September.
    2. Mahraddika, Wishnu, 2019. "Does international reserve accumulation crowd out domestic private investment?," International Economics, Elsevier, vol. 158(C), pages 39-50.
    3. Moritz Cruz & Peter Kriesler, 2010. "International Reserves, Effective Demand and Growth," Review of Political Economy, Taylor & Francis Journals, vol. 22(4), pages 569-587.
    4. Hoeven, Rolph van der. & Lübker, Malte., 2006. "Financial openness and employment the need for coherent international and national policies," ILO Working Papers 993887733402676, International Labour Organization.
    5. Moritz Cruz & Bernard Walters, 2008. "Is the accumulation of international reserves good for development?," Cambridge Journal of Economics, Oxford University Press, vol. 32(5), pages 665-681, September.
    6. repec:ilo:ilowps:388773 is not listed on IDEAS
    7. Wishnu Mahraddika, 2019. "Does international reserve accumulation crowd out domestic private investment?," Departmental Working Papers 2019-02, The Australian National University, Arndt-Corden Department of Economics.

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