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Are emerging Asia's reserves really too high? /
Empirical analysis does not suggest that reserves are ""too high"" in the majority of Asian countries, though China may be a special case. Much of the reserve increase in Asia can be explained by an optimal insurance model under which reserves provide a steady source of liquidity...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund,
Ã2008.
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| Colección: | IMF working paper ;
WP/08/192. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | Empirical analysis does not suggest that reserves are ""too high"" in the majority of Asian countries, though China may be a special case. Much of the reserve increase in Asia can be explained by an optimal insurance model under which reserves provide a steady source of liquidity to cushion the impact of a sudden stop in capital inflows on output and consumption. Moreover, the benefits of reserves in terms of reduced spreads on privately held external debt further explains the observed growth in reserves since 1997-98. Using threshold estimation techniques, the paper shows that most of Asia can still benefit from higher reserves in terms of reduced borrowing costs |
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| Notas: | At head of title: Asia and Pacific Department. "August 2008." |
| Descripción Física: | 1 online resource (34 pages) : color illustrations |
| Bibliografía: | Includes bibliographical references (pages 33-34). |
| ISBN: | 1451915039 9781451915037 |
| ISSN: | 2227-8885 ; |