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International reserves, growth and effective demand

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Author Info

  • Peter Kriesler

    ()
    (School of Economics, The University of New South Wales)

  • Moritz Cruz

    ()
    (Universidad Nacional Autónoma de México)

Abstract

During the last decade, developing (and some developed) economies have accumulated large amounts of international reserves, mainly for precautionary reasons. This phenomenon has been coupled with moderate economic growth. The resources being amassed largely overwhelm protective needs, there is an excess of resources that is being wasted, and which could be utilised for alternative productive projects, namely to promote growth. If insufficient aggregate demand can largely explain low growth, it is clear that this excess of international reserves can be used to stimulate aggregate demand. This paper argues that the excess of international reserves represents a potential source to boost growth.

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Bibliographic Info

Paper provided by School of Economics, The University of New South Wales in its series Discussion Papers with number 2008-16.

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Length: 34 pages
Date of creation: Oct 2008
Date of revision:
Handle: RePEc:swe:wpaper:2008-16

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Keywords: international reserves; aggregate demand; economic growth;

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