Expanding central bank balance sheets in emerging Asia: a compendium of risk and some evidence
In: Are central bank balance sheets in Asia too large?
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Haibin Zhu, 2006. "The structure of housing finance markets and house prices in Asia," BIS Quarterly Review, Bank for International Settlements, December.
- Ito, Takatoshi & Krueger, Anne O. (ed.), 2001. "Regional and Global Capital Flows," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226386768.
- Guillermo A. Calvo, 1991. "The Perils of Sterilization," IMF Staff Papers, Palgrave Macmillan, vol. 38(4), pages 921-926, December.
- Dani Rodrik, 2006.
"The social cost of foreign exchange reserves,"
International Economic Journal, Taylor & Francis Journals, vol. 20(3), pages 253-266.
- Dani Rodrik, 2006. "The Social Cost of Foreign Exchange Reserves," NBER Working Papers 11952, National Bureau of Economic Research, Inc.
- Rodrik, Dani, 2006. "The Social Cost of Foreign Exchange Reserves," CEPR Discussion Papers 5483, C.E.P.R. Discussion Papers.
- Dani Rodrik, 2006. "The Social Cost of Foreign Exchange Reserves," Working Papers id:357, eSocialSciences.
- 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, vol. 99(2), pages 480-486, May.
- Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2009. "Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008," NBER Working Papers 14826, National Bureau of Economic Research, Inc.
- Madhusudan Mohanty & Philip Turner, 2010. "Banks and financial intermediation in emerging Asia: reforms and new risks," BIS Working Papers 313, Bank for International Settlements.
- Wallace, Neil, 1981.
"A Modigliani-Miller Theorem for Open-Market Operations,"
American Economic Review, American Economic Association, vol. 71(3), pages 267-274, June.
- Neil Wallace, 1979. "A Modigliani-Miller theorem for open-market operations," Staff Report 44, Federal Reserve Bank of Minneapolis.
- Yin‐Wong Cheung & Xingwang Qian, 2009.
"Hoarding of International Reserves: Mrs Machlup's Wardrobe and the Joneses,"
Review of International Economics, Wiley Blackwell, vol. 17(4), pages 824-843, September.
- Yin-Wong Cheung & Xingwang Qian, 2007. "Hoarding of International Reserves: Mrs Machlup’s Wardrobe and the Joneses," CESifo Working Paper Series 2065, CESifo.
- Hui Tong & Shang-Jin Wei, 2011.
"The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis,"
The Review of Financial Studies, Society for Financial Studies, vol. 24(6), pages 2023-2052.
- Mr. Hui Tong & Shang-Jin Wei, 2009. "The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis," IMF Working Papers 2009/164, International Monetary Fund.
- Hui Tong & Shang-Jin Wei, 2010. "The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis," Working Papers 172010, Hong Kong Institute for Monetary Research.
- Hui Tong & Shang-Jin Wei, 2009. "The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis," NBER Working Papers 15207, National Bureau of Economic Research, Inc.
- Goodhart, Charles & Dai, Lu, 2003. "Intervention to Save Hong Kong: The Authorities' Counter-Speculation in Financial Markets," OUP Catalogue, Oxford University Press, number 9780199261109.
- Chue, Timothy K. & Cook, David, 2008. "Sudden stops and liability dollarization: Evidence from Asia's financial intermediaries," Pacific-Basin Finance Journal, Elsevier, vol. 16(4), pages 436-452, September.
- Ramon Moreno, 1996. "Intervention, sterilization, and monetary control in Korea and Taiwan," Economic Review, Federal Reserve Bank of San Francisco, pages 23-33.
- Andrew Sheng, 2008. "Building National and Regional Financial Markets: The East Asian Experience," Book Chapters, in: Harinder Kohli (ed.), Growth and Development in Emerging Market Economies: International Private Flows, Financial Markets and Globalization, edition 1, chapter 6, pages 174–201, Emerging Markets Forum.
- Dooley, Michael & Isard, Peter, 1982. "A portfolio-balance rational-expectations model of the dollar-mark exchange rate," Journal of International Economics, Elsevier, vol. 12(3-4), pages 257-276, May.
- Hyun Song Shin & Kwanho Shin, 2011. "Procyclicality and Monetary Aggregates," NBER Working Papers 16836, National Bureau of Economic Research, Inc.
- Cúrdia, Vasco & Woodford, Michael, 2011.
"The central-bank balance sheet as an instrument of monetarypolicy,"
Journal of Monetary Economics, Elsevier, vol. 58(1), pages 54-79, January.
- Vasco Curdia & Michael Woodford, 2010. "The central-bank balance sheet as an instrument of monetary policy," Staff Reports 463, Federal Reserve Bank of New York.
- Vasco Curdia & Michael Woodford, 2010. "The Central-Bank Balance Sheet as an Instrument of Monetary Policy," NBER Working Papers 16208, National Bureau of Economic Research, Inc.
- Michael Woodford & Vasco Curdia, 2010. "The Central Bank's Balance Sheet as an Instrument of Monetary Policy," 2010 Meeting Papers 136, Society for Economic Dynamics.
- 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.
- M S Mohanty & Philip Turner, 2005. "Intervention: what are the domestic consequences?," BIS Papers chapters, in: Bank for International Settlements (ed.), Foreign exchange market intervention in emerging markets: motives, techniques and implications, volume 24, pages 56-81, Bank for International Settlements.
- Takatoshi Ito & Anne O. Krueger, 2001. "Regional and Global Capital Flows: Macroeconomic Causes and Consequences," NBER Books, National Bureau of Economic Research, Inc, number ito_01-1, January-J.
- Gian-Maria Milesi-Ferretti & Cédric Tille, 2011.
"The great retrenchment: international capital flows during the global financial crisis [‘The great trade collapse: what caused it and what does it mean?’],"
Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 26(66), pages 289-346.
- Gian-Maria Milesi-Ferretti & Cédric Tille, 2010. "The Great Retrenchment: International Capital Flows During the Global Financial Crisis," IHEID Working Papers 18-2010, Economics Section, The Graduate Institute of International Studies, revised 15 Sep 2010.
- Gian-Maria Milesi-Ferretti & Cedric Tille, 2011. "The Great Retrenchment: International Capital Flows During the Global Financial Crisis," Working Papers 382011, Hong Kong Institute for Monetary Research.
- Carmen M. Reinhart & Graciela L. Kaminsky, 1999.
"The Twin Crises: The Causes of Banking and Balance-of-Payments Problems,"
American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
- Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.).
- Reinhart, Carmen & Kaminsky, Graciela, 2000. "Las crisis gemelas: las causas de los problemas bancarios y de balanza de pagos [The twin crises: Te causes of banking and balance of payments problems]," MPRA Paper 13842, University Library of Munich, Germany.
- Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
- William B English, 2002. "Interest rate risk and bank net interest margins," BIS Quarterly Review, Bank for International Settlements, December.
- Tony Cavoli & Ramkishen S. Rajan, 2006.
"Capital Inflows Problem in Selected Asian Economies in the 1990s Revisited: The Role of Monetary Sterilization,"
Asian Economic Journal, East Asian Economic Association, vol. 20(4), pages 409-423, December.
- Tony Cavoli & Ramkishen S. Rajan, 2005. "THE CAPITAL INFLOWS PROBLEM IN SELECTED ASIAN ECONOMIES IN THE 1990s REVISITED : THE ROLE OF MONETARY STERILIZATION," Finance Working Papers 22562, East Asian Bureau of Economic Research.
- Shinji Takagi & Taro Esaka, 2001. "Sterilization and the Capital Inflow Problem in East Asia, 1987-97," NBER Chapters, in: Regional and Global Capital Flows: Macroeconomic Causes and Consequences, pages 197-226, National Bureau of Economic Research, Inc.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Akhand Akhtar Hossain, 2015. "Economic Management in a Volatile Environment: Monetary and Financial Issues by Ramkishen S. Rajan and Sasidaran Gopalan Palgrave Macmillan , London , 2015 Pp. xx+283. ISBN 9 78 137 37151-5," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 29(2), pages 103-106, November.
- Ouyang, Alice Y. & Rajan, Ramkishen S. & Willett, Thomas D., 2010.
"China as a reserve sink: The evidence from offset and sterilization coefficients,"
Journal of International Money and Finance, Elsevier, vol. 29(5), pages 951-972, September.
- Alice Y. Ouyang & Ramkishen S. Rajan & Thomas D. Willett, 2007. "China as a Reserve Sink: The Evidence from Offset and Sterilization Coefficients," Working Papers 102007, Hong Kong Institute for Monetary Research.
- Carmen M. Reinhart, 2013.
"Asia Chartbook: Crises, Credit and Debt, 1835-2013,"
NBER Working Papers
19655, National Bureau of Economic Research, Inc.
- Carmen M. Reinhart & Takeshi Tashiro, 2013. "Crowding Out Redefined: The Role of Reserve Accumulation," NBER Working Papers 19652, National Bureau of Economic Research, Inc.
- Reinhart, Carmen & Tashiro, Takeshi, 2013. "Crowding Out Redefined: The Role of Reserve Accumulation," CEPR Discussion Papers 9764, C.E.P.R. Discussion Papers.
- Ying, Yung-Hsiang & Kuan, Chung-Ming & Tung, Chris Y. & Chang, Koyin, 2013. "“Capital mobility in East Asian Countries is not so high”: Examining the impact of sterilization on capital flows," China Economic Review, Elsevier, vol. 24(C), pages 55-64.
- Daniela Gabor, 2011. "Paradigm shift? A critique of the IMF’s new approach to capital controls," Working Papers 1109, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
- Reinhart, Carmen M. & Reinhart, Vincent & Tashiro, Takeshi, 2016.
"Does reserve accumulation crowd out investment?,"
Journal of International Money and Finance, Elsevier, vol. 63(C), pages 89-111.
- Reinhart, Carmen & Reinhart, Vincent & Tashiro, Takeshi, 2015. "Does Reserve Accumulation Crowd Out Investments?," Working Paper Series rwp15-038, Harvard University, John F. Kennedy School of Government.
- Frankel, Jeffrey, 2010. "Monetary Policy in Emerging Markets," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 25, pages 1439-1520, Elsevier.
- Andreas Steiner, 2010. "Central Banks’ Dilemma: Reserve Accumulation, Inflation and Financial Instability," IEER Working Papers 84, Institute of Empirical Economic Research, Osnabrueck University.
- Carmen M. Reinhart & Takeshi Tashiro, . "Crowding out redefined: the role of reserve accumulation," Proceedings, Federal Reserve Bank of San Francisco.
- Layal Mansour, 2014.
"The Power of International Reserves: the impossible trinity becomes possible,"
Working Papers
1420, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
- Layal Mansour, 2014. "The Power of International Reserves: the impossible trinity becomes possible," Working Papers halshs-01054614, HAL.
- Andrew J. Filardo & Pierre L. Siklos, 2016.
"Prolonged Reserves Accumulation, Credit Booms, Asset Prices and Monetary Policy in Asia,"
Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 52(2), pages 364-381, February.
- Filardo, Andrew J. & Siklos, Pierre L., 2013. "Prolonged reserves accumulation, credit booms, asset prices and monetary policy in Asia," BOFIT Discussion Papers 5/2013, Bank of Finland Institute for Emerging Economies (BOFIT).
- Andrew J Filardo & Pierre L Siklos, 2015. "Prolonged reserves accumulation, credit booms, asset prices and monetary policy in Asia," BIS Working Papers 500, Bank for International Settlements.
- Andrew J. Filardo, Pierre L. Siklos, 2015. "Prolonged Reserves Accumulation, Credit Booms, Asset Prices and Monetary Policy in Asia," LCERPA Working Papers 0086, Laurier Centre for Economic Research and Policy Analysis, revised 01 Feb 2015.
- Kotaro Ishi & Mr. Kenji Fujita & Mr. Mark R. Stone, 2011. "Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far," IMF Working Papers 2011/145, International Monetary Fund.
- Umezaki, So, 2006. "Monetary and Exchange Rate Policy in Malaysia before the Asian Crisis," IDE Discussion Papers 79, Institute of Developing Economies, Japan External Trade Organization(JETRO).
- 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.
- Qian, Xingwang & Steiner, Andreas, 2017.
"International reserves and the maturity of external debt,"
Journal of International Money and Finance, Elsevier, vol. 73(PB), pages 399-418.
- Xingwang Qian & Andreas Steiner, "undated". "International Reserves, External Debt Maturity, and the Reinforcement Effect for Financial Stability," GRU Working Paper Series GRU_2016_012, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
- Dongwon Lee, 2023.
"International cooperation in foreign reserve policies in the presence of competitive hoarding,"
Review of International Economics, Wiley Blackwell, vol. 31(2), pages 389-412, May.
- Dongwon Lee, 2020. "International Cooperation in Foreign Reserve Policies in the Presence of Competitive Hoarding," Working Papers 202011, University of California at Riverside, Department of Economics.
- Fuertes, Ana-Maria & Phylaktis, Kate & Yan, Cheng, 2016. "Hot money in bank credit flows to emerging markets during the banking globalization era," Journal of International Money and Finance, Elsevier, vol. 60(C), pages 29-52.
- Davis, J. Scott, 2015.
"The macroeconomic effects of debt- and equity-based capital inflows,"
Journal of Macroeconomics, Elsevier, vol. 46(C), pages 81-95.
- J. Scott Davis, 2014. "The macroeconomic effects of debt- and equity-based capital inflows," Globalization Institute Working Papers 214, Federal Reserve Bank of Dallas.
- Scott Davis, 2014. "The Macroeconomic Effects of Debt- and Equity-Based Capital Inflows," Working Papers 282014, Hong Kong Institute for Monetary Research.
- Jäger, Kai, 2016.
"The Role of Regime Type in the Political Economy of Foreign Reserve Accumulation,"
European Journal of Political Economy, Elsevier, vol. 44(C), pages 79-96.
- Jäger, Kai, 2016. "The Role of Regime Type in the Political Economy of Foreign Reserve Accumulation," Munich Reprints in Economics 43487, University of Munich, Department of Economics.
- Shrestha, Prakash Kumar, 2013.
"Banking Ssystems, central banks and international reserve accumulation in East Asian economies,"
Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 7, pages 1-29.
- Shrestha, Prakash Kumar, 2012. "Banking systems, central banks and international reserve accumulation in East Asian economies," Economics Discussion Papers 2012-48, Kiel Institute for the World Economy (IfW Kiel).
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bis:bisbpc:66-04. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Martin Fessler (email available below). General contact details of provider: https://edirc.repec.org/data/bisssch.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.
Printed from https://ideas.repec.org/h/bis/bisbpc/66-04.html