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Optimal Reserves in the Eastern Caribbean Currency Union

Wendell A. SamuelMario DehesaEmilio Pineda

出版	International Monetary Fund, 2009-04
主題	Business & Economics / GeneralBusiness & Economics / Banks & BankingBusiness & Economics / Exports & ImportsBusiness & Economics / International / GeneralBusiness & Economics / Money & Monetary Policy
ISBN	14518722409781451872248
URL	http://books.google.com.hk/books?id=eMAlAQAAMAAJ&hl=&source=gbs_api

註釋

We identify structural breaks in economic growth in 140 countries and use these to define "growth spells: " periods of high growth preceded by an upbreak and ending either with a downbreak or with the end of the sample. Growth spells tend to be shorter in African and Latin American countries than elsewhere. We find that growth duration is positively related to: the degree of equality of the income distribution; democratic institutions; export orientation (with higher propensities to export manufactures, greater openness to FDI, and avoidance of exchange rate overvaluation favorable for duration); and macroeconomic stability (with even moderate instability curtailing growth duration)