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International reserves: precautionary versus mercantilist views, theory and evidence

Citations

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Cited by:

  1. Joshua Aizenman, 2008. "International Reserve Management and the Current Account," Central Banking, Analysis, and Economic Policies Book Series, in: Kevin Cowan & Sebastián Edwards & Rodrigo O. Valdés & Norman Loayza (Series Editor) & Klaus Schmidt- (ed.),Current Account and External Financing, edition 1, volume 12, chapter 11, pages 435-474, Central Bank of Chile.
  2. Dani Rodrik, 2006. "The social cost of foreign exchange reserves," International Economic Journal, Taylor & Francis Journals, vol. 20(3), pages 253-266.
  3. Steiner, Andreas, 2013. "The accumulation of foreign exchange by central banks: Fear of capital mobility?," Journal of Macroeconomics, Elsevier, vol. 38(PB), pages 409-427.
  4. 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.
  5. Marc-André Gosselin & Nicolas Parent, 2005. "An Empirical Analysis of Foreign Exchange Reserves in Emerging Asia," Staff Working Papers 05-38, Bank of Canada.
  6. Joshua Aizenman & Jaewoo Lee, 2008. "Financial versus Monetary Mercantilism: Long‐run View of Large International Reserves Hoarding," The World Economy, Wiley Blackwell, vol. 31(5), pages 593-611, May.
  7. Edwards, Sebastian, 2007. "Capital controls, capital flow contractions, and macroeconomic vulnerability," Journal of International Money and Finance, Elsevier, vol. 26(5), pages 814-840, September.
  8. Aizenman, Joshua & Inoue, Kenta, 2013. "Central banks and gold puzzles," Journal of the Japanese and International Economies, Elsevier, vol. 28(C), pages 69-90.
  9. Uz Akdogan, Idil, 2020. "Understanding the dynamics of foreign reserve management: The central bank intervention policy and the exchange rate fundamentals," International Economics, Elsevier, vol. 161(C), pages 41-55.
  10. Naveen Srinivasan & Vidya Mahambare & M. Ramachandran, 2015. "Capital Controls, Exchange Market Intervention and International Reserve Accumulation in India," Working Papers 2015-103, Madras School of Economics,Chennai,India.
  11. Pilar Piqué, 2016. "La jerarquía de monedas nacionales y los problemas financieros actuales," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 18(34), pages 69-85, January-J.
  12. Eduardo Levy-Yeyati & Juan Francisco Gómez, 2022. "Leaning-Against-the-Wind Intervention and the “Carry-Trade” View of the Cost of Reserves," Open Economies Review, Springer, vol. 33(5), pages 853-877, November.
  13. Shin-ichi Fukuda & Yoshifumi Kon, 2012. "Macroeconomic Impacts of Foreign Exchange Reserve Accumulation: Theory and International Evidence," Chapters, in: Masahiro Kawai & Peter J. Morgan & Shinji Takagi (ed.), Monetary and Currency Policy Management in Asia, chapter 5, Edward Elgar Publishing.
  14. Cunha, André Moreira & Lélis, Marcos Tadeo Caputi & Prates, Daniela Magalhães, 2009. "Exchange-rate management in Brazil," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
  15. Chinn, Menzie D. & Ito, Hiro, 2007. "Current account balances, financial development and institutions: Assaying the world "saving glut"," Journal of International Money and Finance, Elsevier, vol. 26(4), pages 546-569, June.
  16. Chandan Sharma, 2009. "Does Full Sterilization Feasible in Era of Excess Volatility: Evidence from India," Economics Bulletin, AccessEcon, vol. 29(4), pages 2944-2950.
  17. Levy Yeyati, Eduardo & Sturzenegger, Federico & Reggio, Iliana, 2010. "On the endogeneity of exchange rate regimes," European Economic Review, Elsevier, vol. 54(5), pages 659-677, July.
  18. Alfaro, Laura & Kanczuk, Fabio, 2009. "Optimal reserve management and sovereign debt," Journal of International Economics, Elsevier, vol. 77(1), pages 23-36, February.
  19. Andreas Steiner, 2010. "Central Banks’ Dilemma: Reserve Accumulation, Inflation and Financial Instability," IEER Working Papers 84, Institute of Empirical Economic Research, Osnabrueck University.
  20. Eduardo Levy-Yeyati & Juan Francisco Gómez, 2020. "The Cost of Holding Foreign Exchange Reserves," Springer Books, in: Jacob Bjorheim (ed.), Asset Management at Central Banks and Monetary Authorities, edition 1, chapter 0, pages 91-110, Springer.
  21. K. P. Prabheesh & D. Malathy & R. Madhumathi, 2009. "Precautionary and mercantilist approaches to demand for international reserves: an empirical investigation in the Indian context," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 2(2), pages 279-291.
  22. Aizenman, Joshua & Inoue, Kenta, 2013. "Central banks and gold puzzles," Journal of the Japanese and International Economies, Elsevier, vol. 28(C), pages 69-90.
  23. Levy Yeyati, Eduardo, 2008. "The cost of reserves," Economics Letters, Elsevier, vol. 100(1), pages 39-42, July.
  24. M. Ramachandran, 2023. "Official Intervention, Reserve Accumulation and Exchange Rate Volatility," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 21(2), pages 269-287, June.
  25. Philip R. Lane & Sergio L. Schmukler, 2006. "The international financial integration of China and India," Proceedings, Federal Reserve Bank of San Francisco, issue jun.
  26. Eswar S. Prasad, 2011. "Role reversal in global finance," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 339-390.
  27. Carmen M. Reinhart & Takeshi Tashiro, . "Crowding out redefined: the role of reserve accumulation," Proceedings, Federal Reserve Bank of San Francisco.
  28. Barry Eichengreen, 2007. "A Blueprint for IMF Reform: More than just a Lender," International Finance, Wiley Blackwell, vol. 10(2), pages 153-175, July.
  29. Sabine Herrmann & Adalbert Winkler, 2009. "Financial markets and the current account: emerging Europe versus emerging Asia," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 145(3), pages 531-550, October.
  30. Joshua Aizenman & Daniel Riera-Crichton, 2008. "Real Exchange Rate and International Reserves in an Era of Growing Financial and Trade Integration," The Review of Economics and Statistics, MIT Press, vol. 90(4), pages 812-815, November.
  31. Yin-wong Cheung & XingWang Qian, 2007. "Hoarding of International Reserves: Mrs Machlup¡¦s Wardrobe and the Joneses," Working Papers 132007, Hong Kong Institute for Monetary Research.
  32. 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.
  33. Drummond, Paulo & Dhasmana, Anubha, 2008. "Foreign Reserve Adequacy in Sub-Saharan Africa," MPRA Paper 9729, University Library of Munich, Germany.
  34. Barry Eichengreen, 2007. "Insurance Underwriter or Financial Development Fund: What Role for Reserve Pooling in Latin America?," Open Economies Review, Springer, vol. 18(1), pages 27-52, February.
  35. 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.
  36. 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.
  37. Herrmann, Sabine & Winkler, Adalbert, 2009. "Real convergence, financial markets, and the current account - Emerging Europe versus emerging Asia," The North American Journal of Economics and Finance, Elsevier, vol. 20(2), pages 100-123, August.
  38. Donghyun Park, 2008. "Capital Outflows, Sovereign Wealth Funds, and Domestic Financial Instability in Developing Asia," ADB Economics Working Paper Series 129, Asian Development Bank.
  39. Roland Straub & Luca Dedola & Giovanni Lombardo, 2011. "Home bias and portfolio dynamics in a multi-country model," 2011 Meeting Papers 1037, Society for Economic Dynamics.
  40. Enrique G. Mendoza & Katherine A. Smith, 2013. "Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets," NBER Working Papers 19072, National Bureau of Economic Research, Inc.
  41. Yan Liang, 2007. "Does Foreign Direct Investment Provide Desirable Development Finance? The Case of China," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 15(2), pages 104-120, March.
  42. Joshua Aizenman & Jaewoo Lee, 2008. "Financial versus Monetary Mercantilism: Long‐run View of Large International Reserves Hoarding," The World Economy, Wiley Blackwell, vol. 31(5), pages 593-611, May.
  43. Ana Maria Ceh & Ivo Krznar, 2008. "Optimal Foreign Reserves: The Case of Croatia," Financial Theory and Practice, Institute of Public Finance, vol. 32(4), pages 421-460.
  44. Donghyun PARK & Andrew Rozanov, 2010. "Asia's Sovereign Wealth Funds and Reform of the Global Reserve System," Economic Growth Centre Working Paper Series 1003, Nanyang Technological University, School of Social Sciences, Economic Growth Centre.
  45. Eduardo Levy Yeyati, 2008. "Liquidity Insurance in a Financially Dollarized Economy," NBER Chapters, in: Financial Markets Volatility and Performance in Emerging Markets, pages 185-218, National Bureau of Economic Research, Inc.
  46. Cesar Rodrigues van der Laan & André Moreira Cunha, 2008. "Investigating the rationale for exchange market interventions and the building of international reserves in emerging countries: the case of Brazil after stabilization 1995-2008," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807171450510, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
  47. International Monetary Fund, 2008. "Foreign Reserve Adequacy in Sub-Saharan Africa," IMF Working Papers 2008/150, International Monetary Fund.
  48. Linda S. Goldberg, 2011. "The international role of the dollar: Does it matter if this changes?," Staff Reports 522, Federal Reserve Bank of New York.
  49. 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, September.
  50. 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.
  51. Woosik Moon & Yeongseop Rhee, 2012. "Asian Monetary Integration," Books, Edward Elgar Publishing, number 14191.
  52. Giulio Cifarelli & Giovanna Paladino, 2009. "The Buffer Stock Model Redux? An Analysis of the Dynamics of Foreign Reserve Accumulation," Open Economies Review, Springer, vol. 20(4), pages 525-543, September.
  53. Mr. Sunil Sharma & Woon Gyu Choi & Maria Strömqvist, 2007. "Capital Flows, Financial Integration, and International Reserve Holdings: The Recent Experience of Emerging Markets and Advanced Economies," IMF Working Papers 2007/151, International Monetary Fund.
  54. 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.
  55. Ramachandran, M. & Srinivasan, Naveen, 2007. "Asymmetric exchange rate intervention and international reserve accumulation in India," Economics Letters, Elsevier, vol. 94(2), pages 259-265, February.
  56. Giulio Cifarelli & Giovanna Paladino, 2008. "Reserve overstocking in a highly integrated world. New evidence from Asia and Latin America," The European Journal of Finance, Taylor & Francis Journals, vol. 14(4), pages 315-336.
  57. Leong Fee Wan & Yen Li Chee, 2009. "Macroeconomic considerations in regional reserve pooling," Applied Financial Economics, Taylor & Francis Journals, vol. 19(14), pages 1143-1157.
  58. Enrique Alberola & José María Serena, 2007. "Global financial integration, monetary policy and reserve accumulation. Assessing the limits in emerging economies," Working Papers 0706, Banco de España.
  59. Yuko Hashimoto, 2008. "Too Much for Self-Insurance? Asian Foreign Reserves," Working Papers 062008, Hong Kong Institute for Monetary Research.
  60. Zarate, Cristina A., 2008. "Una Nota sobre Reserva Óptima y Riesgo Soberano: el caso Argentino 1997-2007 [A note on optimal reserves and sovereign risk: Argentina's case 1997-2007]," MPRA Paper 12086, University Library of Munich, Germany.
  61. Eduardo Levy Yeyati, 2019. "The Cost of Holding Foreign Exchange Reserves," CID Working Papers 353, Center for International Development at Harvard University.
  62. Antonio Francisco A. Silva Jr, 2011. "The Self-insurance Role of International Reserves and the 2008-2010 Crisis," Working Papers Series 256, Central Bank of Brazil, Research Department.
  63. Daniela Magalhães Prates & André Moreira Cunha & Marcos T. C. Lélis, 2008. "A gestão do regime de câmbio flutuante no Brasil," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807211144430, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
  64. Inci Gumus, 2016. "The Relationship Between Sovereign Spreads and International Reserves: Does the Exchange Rate Regime Matter?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 52(3), pages 658-673, March.
  65. Díaz-Bonilla, Eugenio, 2008. "Global macroeconomic developments and poverty," IFPRI discussion papers 766, International Food Policy Research Institute (IFPRI).
  66. Donghyun Park, 2007. "Beyond Liquidity: New Uses for Developing Asia's Foreign Exchange Reserves," ADB Economics Working Paper Series 109, Asian Development Bank.
  67. repec:zbw:bofitp:2013_005 is not listed on IDEAS
  68. World Bank, 2008. "Country Insurance : Reducing Systemic Vulnerabilities in Latin America and the Caribbean," World Bank Publications - Reports 8010, The World Bank Group.
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