The Demand for International Reserves in China: An ECM Model with Domestic Monetary Disequilibrium
This paper employs a version of the error correction model to investigate the demand for international reserves in a typical planned economy, China. Disturbances from the domestic markets are considered by incorporating the monetary disequilibrium into the model. The authors' main conclusions are that (1) reserve holdings in China have maintained a long-run relationship and a stable dynamic relationship with several determinants since the 1950s, confirming China's prudential foreign reserve policy; and (2) monetary disequilibrium has significant short-run effects on reserve holdings, reflecting the authorities' 'general balancing' policy in their annual planning. Copyright 1994 by The London School of Economics and Political Science.
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Volume (Year): 61 (1994)
Issue (Month): 243 (August)
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