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Discussion of Rasmus Fatum and James Yetman’s paper

In: The price, real and financial effects of exchange rates

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  • Hans Genberg

    (The SEACEN Centre)

Abstract

The objective of the paper by Fatum and Yetman (F-Y hereafter) is to provide empirical evidence on whether the accumulation of international reserves by the central bank will lead to increased risk-taking by the private sector. Why might such risk-taking come about? To the extent that international reserves provide free insurance to domestic economic agents against the risk of not being able to secure foreign exchange in the market during a crisis, the resulting moral hazard environment may lead these agents to accumulate more risk.

Suggested Citation

  • Hans Genberg, 2018. "Discussion of Rasmus Fatum and James Yetman’s paper," BIS Papers chapters, in: Bank for International Settlements (ed.), The price, real and financial effects of exchange rates, volume 96, pages 53-56, Bank for International Settlements.
    • Handle: RePEc:bis:bisbpc:96-07
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