International Reserves: Precautionary Versus Mercantilist Views, Theory and Evidence
This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries. Overall, empirical results support precautionary motives; in particular, a more liberal capital account regime increases international reserves. Theoretical...
Gespeichert in:
| Veröffentlicht in: | Open economies review 2007-04, Vol.18 (2), p.191-214 |
|---|---|
| Hauptverfasser: | , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 214 |
|---|---|
| container_issue | 2 |
| container_start_page | 191 |
| container_title | Open economies review |
| container_volume | 18 |
| creator | Aizenman, Joshua Lee, Jaewoo |
| description | This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries. Overall, empirical results support precautionary motives; in particular, a more liberal capital account regime increases international reserves. Theoretically, large precautionary demand for international reserves arises as a self-insurance to avoid costly liquidation of long-term projects when the economy is susceptible to sudden stops. The welfare gain from the optimal management of international reserves is of a first-order magnitude, reducing the welfare cost of liquidity shocks from a first-order to a second-order magnitude. [PUBLICATION ABSTRACT] |
| doi_str_mv | 10.1007/s11079-007-9030-z |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_cross</sourceid><recordid>TN_cdi_proquest_miscellaneous_36780951</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>1275893021</sourcerecordid><originalsourceid>FETCH-LOGICAL-c471t-6e82ceaef93bf7e0fc644c1ed4d54221a6e003b60309a4f7d5802689602277c73</originalsourceid><addsrcrecordid>eNp1kUFLw0AQhRdRsFZ_gLeg4Mno7CbdzXqTUrVQUaQWb8t2M8GUNKk7ScX-erfWk-BpHsPHzLx5jJ1yuOIA6po4B6XjIGMNCcSbPdbjA5XECrK3fdYDLYLWWhyyI6IFACRKZT02Hdct-tq2ZVPbKnpBQr9GuomePTrb_bT9VzRDTx1Fj-idrduyKqmNZiV-0mU0fccmELbOo9G6zLF2eMwOClsRnvzWPnu9G02HD_Hk6X48vJ3ELlW8jSVmwqHFQifzQiEUTqap45in-SAVgluJ4cy5DH60TQuVDzIQMtMShFDKqaTPLnZzV7756JBasyzJYVXZGpuOTCJVBnrAA3j-B1w0XXBdkRFSplKGfRCos38pkGkmQYoA8R3kfEPksTArXy7DjwwHs43C7KIwW7mNwmySb0gZe58</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>206486062</pqid></control><display><type>article</type><title>International Reserves: Precautionary Versus Mercantilist Views, Theory and Evidence</title><source>SpringerNature Journals</source><creator>Aizenman, Joshua ; Lee, Jaewoo</creator><creatorcontrib>Aizenman, Joshua ; Lee, Jaewoo</creatorcontrib><description>This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries. Overall, empirical results support precautionary motives; in particular, a more liberal capital account regime increases international reserves. Theoretically, large precautionary demand for international reserves arises as a self-insurance to avoid costly liquidation of long-term projects when the economy is susceptible to sudden stops. The welfare gain from the optimal management of international reserves is of a first-order magnitude, reducing the welfare cost of liquidity shocks from a first-order to a second-order magnitude. [PUBLICATION ABSTRACT]</description><identifier>ISSN: 0923-7992</identifier><identifier>EISSN: 1573-708X</identifier><identifier>DOI: 10.1007/s11079-007-9030-z</identifier><language>eng</language><publisher>Dordrecht: Springer Nature B.V</publisher><subject>Accounting ; Bankruptcy ; Capital ; Capital movement ; Comparative studies ; Demand for money ; Developing countries ; Economic theory ; Emerging markets ; Hoarding ; Insurance ; International finance ; International monetary economics ; International monetary relations ; International trade ; LDCs ; Liberalization ; Mercantilism ; Monetarism ; Monetary policy ; Monetary reserves ; Ratios ; Reserve assets ; Reserves ; Variables ; Welfare</subject><ispartof>Open economies review, 2007-04, Vol.18 (2), p.191-214</ispartof><rights>Springer Science+Business Media, LLC 2007</rights><rights>Springer Science+Business Media, LLC 2007.</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c471t-6e82ceaef93bf7e0fc644c1ed4d54221a6e003b60309a4f7d5802689602277c73</citedby><cites>FETCH-LOGICAL-c471t-6e82ceaef93bf7e0fc644c1ed4d54221a6e003b60309a4f7d5802689602277c73</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,780,784,27924,27925</link.rule.ids></links><search><creatorcontrib>Aizenman, Joshua</creatorcontrib><creatorcontrib>Lee, Jaewoo</creatorcontrib><title>International Reserves: Precautionary Versus Mercantilist Views, Theory and Evidence</title><title>Open economies review</title><description>This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries. Overall, empirical results support precautionary motives; in particular, a more liberal capital account regime increases international reserves. Theoretically, large precautionary demand for international reserves arises as a self-insurance to avoid costly liquidation of long-term projects when the economy is susceptible to sudden stops. The welfare gain from the optimal management of international reserves is of a first-order magnitude, reducing the welfare cost of liquidity shocks from a first-order to a second-order magnitude. [PUBLICATION ABSTRACT]</description><subject>Accounting</subject><subject>Bankruptcy</subject><subject>Capital</subject><subject>Capital movement</subject><subject>Comparative studies</subject><subject>Demand for money</subject><subject>Developing countries</subject><subject>Economic theory</subject><subject>Emerging markets</subject><subject>Hoarding</subject><subject>Insurance</subject><subject>International finance</subject><subject>International monetary economics</subject><subject>International monetary relations</subject><subject>International trade</subject><subject>LDCs</subject><subject>Liberalization</subject><subject>Mercantilism</subject><subject>Monetarism</subject><subject>Monetary policy</subject><subject>Monetary reserves</subject><subject>Ratios</subject><subject>Reserve assets</subject><subject>Reserves</subject><subject>Variables</subject><subject>Welfare</subject><issn>0923-7992</issn><issn>1573-708X</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2007</creationdate><recordtype>article</recordtype><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><recordid>eNp1kUFLw0AQhRdRsFZ_gLeg4Mno7CbdzXqTUrVQUaQWb8t2M8GUNKk7ScX-erfWk-BpHsPHzLx5jJ1yuOIA6po4B6XjIGMNCcSbPdbjA5XECrK3fdYDLYLWWhyyI6IFACRKZT02Hdct-tq2ZVPbKnpBQr9GuomePTrb_bT9VzRDTx1Fj-idrduyKqmNZiV-0mU0fccmELbOo9G6zLF2eMwOClsRnvzWPnu9G02HD_Hk6X48vJ3ELlW8jSVmwqHFQifzQiEUTqap45in-SAVgluJ4cy5DH60TQuVDzIQMtMShFDKqaTPLnZzV7756JBasyzJYVXZGpuOTCJVBnrAA3j-B1w0XXBdkRFSplKGfRCos38pkGkmQYoA8R3kfEPksTArXy7DjwwHs43C7KIwW7mNwmySb0gZe58</recordid><startdate>20070401</startdate><enddate>20070401</enddate><creator>Aizenman, Joshua</creator><creator>Lee, Jaewoo</creator><general>Springer Nature B.V</general><scope>AAYXX</scope><scope>CITATION</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>885</scope><scope>8AO</scope><scope>8BJ</scope><scope>8FK</scope><scope>8FL</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ANIOZ</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FQK</scope><scope>FRAZJ</scope><scope>FRNLG</scope><scope>F~G</scope><scope>JBE</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>M0C</scope><scope>M1F</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>Q9U</scope></search><sort><creationdate>20070401</creationdate><title>International Reserves: Precautionary Versus Mercantilist Views, Theory and Evidence</title><author>Aizenman, Joshua ; Lee, Jaewoo</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c471t-6e82ceaef93bf7e0fc644c1ed4d54221a6e003b60309a4f7d5802689602277c73</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2007</creationdate><topic>Accounting</topic><topic>Bankruptcy</topic><topic>Capital</topic><topic>Capital movement</topic><topic>Comparative studies</topic><topic>Demand for money</topic><topic>Developing countries</topic><topic>Economic theory</topic><topic>Emerging markets</topic><topic>Hoarding</topic><topic>Insurance</topic><topic>International finance</topic><topic>International monetary economics</topic><topic>International monetary relations</topic><topic>International trade</topic><topic>LDCs</topic><topic>Liberalization</topic><topic>Mercantilism</topic><topic>Monetarism</topic><topic>Monetary policy</topic><topic>Monetary reserves</topic><topic>Ratios</topic><topic>Reserve assets</topic><topic>Reserves</topic><topic>Variables</topic><topic>Welfare</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Aizenman, Joshua</creatorcontrib><creatorcontrib>Lee, Jaewoo</creatorcontrib><collection>CrossRef</collection><collection>ProQuest Central (Corporate)</collection><collection>Access via ABI/INFORM (ProQuest)</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>Banking Information Database (Alumni Edition)</collection><collection>ProQuest Pharma Collection</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>Accounting, Tax & Banking Collection</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>International Bibliography of the Social Sciences</collection><collection>Accounting, Tax & Banking Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Global</collection><collection>Banking Information Database</collection><collection>ProQuest One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central Basic</collection><jtitle>Open economies review</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Aizenman, Joshua</au><au>Lee, Jaewoo</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>International Reserves: Precautionary Versus Mercantilist Views, Theory and Evidence</atitle><jtitle>Open economies review</jtitle><date>2007-04-01</date><risdate>2007</risdate><volume>18</volume><issue>2</issue><spage>191</spage><epage>214</epage><pages>191-214</pages><issn>0923-7992</issn><eissn>1573-708X</eissn><abstract>This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries. Overall, empirical results support precautionary motives; in particular, a more liberal capital account regime increases international reserves. Theoretically, large precautionary demand for international reserves arises as a self-insurance to avoid costly liquidation of long-term projects when the economy is susceptible to sudden stops. The welfare gain from the optimal management of international reserves is of a first-order magnitude, reducing the welfare cost of liquidity shocks from a first-order to a second-order magnitude. [PUBLICATION ABSTRACT]</abstract><cop>Dordrecht</cop><pub>Springer Nature B.V</pub><doi>10.1007/s11079-007-9030-z</doi><tpages>24</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0923-7992 |
| ispartof | Open economies review, 2007-04, Vol.18 (2), p.191-214 |
| issn | 0923-7992 1573-708X |
| language | eng |
| recordid | cdi_proquest_miscellaneous_36780951 |
| source | SpringerNature Journals |
| subjects | Accounting Bankruptcy Capital Capital movement Comparative studies Demand for money Developing countries Economic theory Emerging markets Hoarding Insurance International finance International monetary economics International monetary relations International trade LDCs Liberalization Mercantilism Monetarism Monetary policy Monetary reserves Ratios Reserve assets Reserves Variables Welfare |
| title | International Reserves: Precautionary Versus Mercantilist Views, Theory and Evidence |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-04T05%3A04%3A19IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=International%20Reserves:%20Precautionary%20Versus%20Mercantilist%20Views,%20Theory%20and%20Evidence&rft.jtitle=Open%20economies%20review&rft.au=Aizenman,%20Joshua&rft.date=2007-04-01&rft.volume=18&rft.issue=2&rft.spage=191&rft.epage=214&rft.pages=191-214&rft.issn=0923-7992&rft.eissn=1573-708X&rft_id=info:doi/10.1007/s11079-007-9030-z&rft_dat=%3Cproquest_cross%3E1275893021%3C/proquest_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=206486062&rft_id=info:pmid/&rfr_iscdi=true |