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Drivers of Reserves Accumulation in the South East Asian Countries

  • Min B. Shrestha
  • Theresia A. Wansi

Most of the developing countries in the past were striving to maintain a comfortable level of foreign exchange reserves sufficient to cover imports of goods and services. These days, several emerging economies hold a high volume of foreign exchange reserves. This paper reviews the foreign exchange reserves accumulation trends in the South East Asian countries and investigates the major causes behind the surge in foreign exchange reserves in these economies. The empirical test results suggest that economic growth is the main driver of reserves accumulation in the South East Asian countries and the direction of impact of other factors on reserves accumulation differ according to the structure of trade and capital flows of the respective countries.

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This book is provided by South East Asian Central Banks (SEACEN) Research and Training Centre in its series Working Papers with number wp02 and published in 2014.
Handle: RePEc:sea:wpaper:wp02
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  1. Olivier Jeanne & Romain Rancière, 2011. "The Optimal Level of International Reserves For Emerging Market Countries: A New Formula and Some Applications," Economic Journal, Royal Economic Society, vol. 121(555), pages 905-930, 09.
  2. Delatte, Anne-Laure & Fouquau, Julien, 2009. "The Determinants of International Reserves in the Emerging Countries: a Non-Linear Approach," MPRA Paper 16311, University Library of Munich, Germany.
  3. Diego Bastourre & Jorge Carrera & Javier Ibarlucia, 2009. "What is Driving Reserve Accumulation? A Dynamic Panel Data Approach," Review of International Economics, Wiley Blackwell, vol. 17(4), pages 861-877, 09.
  4. Perron, P., 1994. "Further Evidence on Breaking Trend Functions in Macroeconomic Variables," Cahiers de recherche 9421, Universite de Montreal, Departement de sciences economiques.
  5. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501, March.
  6. Pablo García & Claudio Soto, 2004. "Large Hoardings of International Reserves: Are They Worth It?," Working Papers Central Bank of Chile 299, Central Bank of Chile.
  7. Suheyla Ozyildirim & Bulent Yaman, 2005. "Optimal versus adequate level of international reserves: evidence for Turkey," Applied Economics, Taylor & Francis Journals, vol. 37(13), pages 1557-1569.
  8. M S Mohanty & Philip Turner, 2006. "Foreign exchange reserve accumulation in emerging markets: what are the domestic implications?," BIS Quarterly Review, Bank for International Settlements, September.
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