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Global financial integration, monetary policy and reserve accumulation. Assessing the limits in emerging economies

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Author Info
Enrique Alberola () (Banco de España)
José María Serena () (Banco de España)

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Abstract

This paper assesses whether domestic costs of reserve accumulation -and in particular monetary costs- constitute an eventual limit to the process in emerging markets. We find that sterilization is the first measure to deal with these costs. Then, we turn to study whether diminishing ability to deal with the monetary inflows through sterilization is an effective limit to the process, Indeed, when the scope for sterilization is reduced, accumulation diminishes. However, this constraint, albeit relevant in practice, has not constituted an effective limit to accumulation, hitherto.

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File URL: http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/07/Fic/dt0706e.pdf
File Format: application/pdf
File Function: First version, April 2007
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Paper provided by Banco de España in its series Banco de España Working Papers with number 0706.

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Length: 39 pages
Date of creation: Mar 2007
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Handle: RePEc:bde:wpaper:0706

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Related research
Keywords: international reserves; monetary policy; central banks; sterilization; internal costs;

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Find related papers by JEL classification:
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Philip Vermeulen & Daniel Dias & Maarten Dossche & Erwan Gautier & Ignacio Hernando & Roberto Sabbatini & Harald Stahl, 2007. "Price setting in the euro area : some stylised facts from individual producer price data," Research series 200703-30, National Bank of Belgium. [Downloadable!]
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  2. Juan F. Jimeno & Esther Moral & Lorena Saiz, 2006. "Structural breaks in labor productivity growth: the United States vs. the European Union," Banco de España Working Papers 0625, Banco de España. [Downloadable!]
  3. K. C. Fung & Alicia Garcia-Herrero & Hitomi Iizaka & Alan Siu, 2005. "Hard Or Soft? Institutional Reforms And Infrastructure Spending As Determinants Of Foreign Direct Investment In China," The Japanese Economic Review, Japanese Economic Association, vol. 56(4), pages 408-416. [Downloadable!] (restricted)
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  4. Luis J. Álvarez & Ignacio Hernando, 2006. "Competition and price adjustment in the euro area," Banco de España Working Papers 0629, Banco de España. [Downloadable!]
  5. Josep M. Vilarrubia, 2006. "Neighborhood effects in economic growth," Banco de España Working Papers 0627, Banco de España. [Downloadable!]
  6. Arturo Galindo & Alejandro Izquierdo & José M. Montero, 2006. "Real exchange rates, dollarization and industrial employment in Latin America," Banco de España Working Papers 0601, Banco de España. [Downloadable!]
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  7. Ricardo Gimeno & Juan M. Nave, 2006. "Genetic algorithm estimation of interest rate term structure," Banco de España Working Papers 0634, Banco de España. [Downloadable!]
  8. Enrique Alberola & Rodrigo César Salvado, 2006. "Banks, remittances and financial deepening in receiving countries. A model," Banco de España Working Papers 0621, Banco de España. [Downloadable!]
  9. Ruben Segura-Cayuela, 2006. "Inefficient Policies, Inefficient Institutions and Trade," 2006 Meeting Papers 502, Society for Economic Dynamics. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Aitor Erce, 2008. "A structural model of sovereign debt issuance: assessing the role of financial factors," Banco de España Working Papers 0809, Banco de España. [Downloadable!]
  2. Gabriel Enrique Alberola & José María Serena, 2009. "Sovereign external assets and the resilience of global imbalances," Banco de España Working Papers 0834, Banco de España. [Downloadable!]
  3. Marvin Goodfriend, 2007. "Monetary Policy in East Asia: Common Concerns," IMES Discussion Paper Series 07-E-18, Institute for Monetary and Economic Studies, Bank of Japan. [Downloadable!]
  4. Agustín Maravall & Ana del Río, 2007. "Temporal aggregation, systematic sampling, and the Hodrick-Prescott filter," Banco de España Working Papers 0728, Banco de España. [Downloadable!]
  5. Renzo Rossini & Zenon Quispe & Rocío Gondo, 2008. "Macroeconomic implications of capital inflows: Peru 1991–2007," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial globalisation and emerging market capital flows, volume 44, pages 363-387 Bank for International Settlements. [Downloadable!]
  6. Paloma Acevedo & Enrique Alberola & Carmen Broto, 2007. "Local debt expansion… vulnerability reduction? An assessment for six crises-prone countries," Banco de España Working Papers 0733, Banco de España. [Downloadable!]
  7. Isabel Argimón & Pablo Hernández de Cos, 2008. "The determinants of budget balances of the regional (Autonomous) governments," Banco de España Working Papers 0803, Banco de España. [Downloadable!]
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