登入選單
返回Google圖書搜尋
其他書名
Explaining the Buildup in official Reserves in Emerging Markets Since the 1980's
出版International Monetary Fund, 2012-01-01
主題Business & Economics / Exports & ImportsBusiness & Economics / Foreign Exchange
ISBN14639344329781463934439
URLhttp://books.google.com.hk/books?id=TvNnfsyNIt4C&hl=&source=gbs_api
EBookSAMPLE
註釋Why have emerging market economies (EMEs) been stockpiling international reserves? We find that motives have varied over time?vulnerability to current account shocks was relatively important in the 1980s but, as EMEs have become more financially integrated, factors related to the magnitude of potential capital outflows have gained in importance. Reserve accumulation as a by-product of undervalued currencies has also become more important since the Asian crisis. Correspondingly, using quantile regressions, we find that the reason for holding reserves varies according to the country's position in the global reserves distribution. High reserve holders, who tend to be more financially integrated, are motivated by insurance against capital account rather than current account shocks, and are more sensitive to the cost of holding reserves than are low-reserve holders. Currency undervaluation is a significant determinant across the reserves distribution, albeit for different reasons.