Alice Y. Ouyang (Chinese Academy of Public Finance and Public Policy, The Central University of Finance and Economics) Ramkishen S. Rajan (George Mason University, Hong Kong Institute for Monetary Research) Tom Willett (Claremont Graduate University and Claremont McKenna College)
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The huge increase in international reserve holdings by Asian countries since the 1997 crisis has been one of the most important recent developments on the international financial scene. These buildups have contributed substantially to concerns about the creation of excessive global liquidity. How justified these concerns are depends heavily on the extent to which the reserve accumulating countries have been able to sterilize the effects on their domestic monetary aggregates. We use a unified theoretical framework to undertake dynamic estimations of the magnitude of sterilization and offset coefficients (which measure the degree of capital mobility) for a large set of Asian economies. We find that despite substantial capital mobility there has been a high degree of effective sterilization to date.
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Paper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number
202007.
Length: 34 pages Date of creation: 2007 Date of revision: Handle: RePEc:hkm:wpaper:202007
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Find related papers by JEL classification: E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
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