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Reserves, quotas and the demand for international liquidity

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  • Joseph Joyce

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  • Raul Razo-Garcia

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Suggested Citation

  • Joseph Joyce & Raul Razo-Garcia, 2011. "Reserves, quotas and the demand for international liquidity," The Review of International Organizations, Springer, vol. 6(3), pages 393-413, September.
  • Handle: RePEc:spr:revint:v:6:y:2011:i:3:p:393-413 DOI: 10.1007/s11558-011-9104-y
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    References listed on IDEAS

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    1. Joseph Joyce & Todd Sandler, 2008. "IMF retrospective and prospective: A public goods viewpoint," The Review of International Organizations, Springer, vol. 3(3), pages 221-238, September.
    2. Aizenman, Joshua & Pasricha, Gurnain Kaur, 2010. "Selective swap arrangements and the global financial crisis: Analysis and interpretation," International Review of Economics & Finance, Elsevier, pages 353-365.
    3. Durdu, Ceyhun Bora & Mendoza, Enrique G. & Terrones, Marco E., 2009. "Precautionary demand for foreign assets in Sudden Stop economies: An assessment of the New Mercantilism," Journal of Development Economics, Elsevier, pages 194-209.
    4. Yin-Wong Cheung & Hiro Ito, 2009. "A Cross-Country Empirical Analysis of International Reserves," International Economic Journal, Taylor & Francis Journals, pages 447-481.
    5. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, Oxford University Press, vol. 119(1), pages 1-48.
    6. Astley, Mark & Giese, Julia & Hume, Michael & Kubelec, Chris, 2009. "Global imbalances and the financial crisis," Bank of England Quarterly Bulletin, Bank of England, vol. 49(3), pages 178-190.
    7. Philip Lane & Dominic Burke, 2001. "The Empirics of Foreign Reserves," Open Economies Review, Springer, vol. 12(4), pages 423-434, October.
    8. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco.
    9. Graham Bird & Alex Mandilaras, 2010. "Revisiting Mrs. Machlup's wardrobe: the accumulation of international reserves, 1992-2001," Applied Economics Letters, Taylor & Francis Journals, vol. 17(5), pages 467-471.
    10. Graham Bird & Alex Mandilaras, 2011. "Once Bitten: The Effect of IMF Programs on Subsequent Reserve Behavior," Review of Development Economics, Wiley Blackwell, vol. 15(2), pages 264-278, May.
    11. Joshua Aizenman & Jaewoo Lee, 2007. "International Reserves: Precautionary Versus Mercantilist Views, Theory and Evidence," Open Economies Review, Springer, pages 191-214.
    12. Graham Bird & Ramkishen Rajan, 2003. "Too Much of a Good Thing? The Adequacy of International Reserves in the Aftermath of Crises," The World Economy, Wiley Blackwell, vol. 26(6), pages 873-891, June.
    13. Aizenman, Joshua & Sun, Yi, 2012. "The financial crisis and sizable international reserves depletion: From ‘fear of floating’ to the ‘fear of losing international reserves’?," International Review of Economics & Finance, Elsevier, vol. 24(C), pages 250-269.
    14. Bird, Graham & Hussain, Mumtaz & Joyce, Joseph P., 2004. "Many happy returns? Recidivism and the IMF," Journal of International Money and Finance, Elsevier, vol. 23(2), pages 231-251, March.
    15. Black, Stanley W., 1985. "International money and international monetary arrangements," Handbook of International Economics,in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 22, pages 1153-1193 Elsevier.
    16. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2010. "Financial Stability, the Trilemma, and International Reserves," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 57-94, April.
    17. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2009. "Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008," American Economic Review, American Economic Association, pages 480-486.
    18. Aizenman, Joshua & Marion, Nancy, 2003. "The high demand for international reserves in the Far East: What is going on?," Journal of the Japanese and International Economies, Elsevier, pages 370-400.
    19. Chalongphob Sussangkarn, 2010. "The Chiang Mai Initiative Multilateralization : Origin, Development and Outlook," Governance Working Papers 22821, East Asian Bureau of Economic Research.
    20. Woon Gyu Choi & Sunil Sharma & Maria Strömqvist, 2009. "Net Capital Flows, Financial Integration, and International Reserve Holdings: The Recent Experience of Emerging Markets and Advanced Economies," IMF Staff Papers, Palgrave Macmillan, vol. 56(3), pages 516-540, August.
    21. Christoph Moser & Jan-Egbert Sturm, 2011. "Explaining IMF lending decisions after the Cold War," The Review of International Organizations, Springer, pages 307-340.
    22. Richhild Moessner & William A Allen, 2010. "Options for meeting the demand for international liquidity during financial crises," BIS Quarterly Review, Bank for International Settlements, September.
    23. Mendoza, Ronald U., 2004. "International reserve-holding in the developing world: self insurance in a crisis-prone era?," Emerging Markets Review, Elsevier, vol. 5(1), pages 61-82, March.
    24. Yin-Wong Cheung & Hiro Ito, 2009. "A Cross-Country Empirical Analysis of International Reserves," International Economic Journal, Taylor & Francis Journals, pages 447-481.
    25. Graham Bird & Dane Rowlands, 2006. "IMF quotas: Constructing an international organization using inferior building blocks," The Review of International Organizations, Springer, pages 153-171.
    26. Graham Bird & Dane Rowlands, 2006. "IMF quotas: Constructing an international organization using inferior building blocks," The Review of International Organizations, Springer, pages 153-171.
    27. Olivier Jeanne, 2007. "International Reserves in Emerging Market Countries: Too Much of a Good Thing?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 38(1), pages 1-80.
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    Cited by:

    1. Luca Papi & Andrea F Presbitero & Alberto Zazzaro, 2015. "IMF Lending and Banking Crises," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 63(3), pages 644-691, November.
    2. Presbitero, Andrea F. & Zazzaro, Alberto, 2012. "IMF Lending in Times of Crisis: Political Influences and Crisis Prevention," World Development, Elsevier, vol. 40(10), pages 1944-1969.
    3. Nguyen, Vu Hong Thai & Boateng, Agyenim, 2015. "Bank excess reserves in emerging economies: A critical review and research agenda," International Review of Financial Analysis, Elsevier, vol. 39(C), pages 158-166.

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    Keywords

    Foreign reserves; IMF;

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