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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...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Ruiz-Arranz, Marta (Autor), Zavadjil, Milan (Autor)
Autor Corporativo: International Monetary Fund. Asia and Pacific Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Washington, D.C. : International Monetary Fund, Ã2008.
Colección:IMF working paper ; WP/08/192.
Temas:
Acceso en línea:Texto completo

MARC

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245 1 0 |a Are emerging Asia's reserves really too high? /  |c prepared by Marta Ruiz-Arranz and Milan Zavadjil. 
260 |a Washington, D.C. :  |b International Monetary Fund,  |c Ã2008. 
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490 1 |a IMF working paper,  |x 2227-8885 ;  |v WP/08/192 
500 |a At head of title: Asia and Pacific Department. 
500 |a "August 2008." 
504 |a Includes bibliographical references (pages 33-34). 
588 0 |a Print version record. 
506 |3 Use copy  |f Restrictions unspecified  |2 star  |5 MiAaHDL 
520 3 |a 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 
533 |a Electronic reproduction.  |b [Place of publication not identified] :  |c HathiTrust Digital Library,  |d 2011.  |5 MiAaHDL 
538 |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.  |u http://purl.oclc.org/DLF/benchrepro0212  |5 MiAaHDL 
583 1 |a digitized  |c 2011  |h HathiTrust Digital Library  |l committed to preserve  |2 pda  |5 MiAaHDL 
505 0 |a I. Introduction; II. Developments in Reserve Adequacy Indicators; Tables; 1. Volatilities of Capital Flows in Asia-Pacific Economies; Box 1: Why Scale Reserves by Gross External Liabilities?; III. An Insurance Model of Optimal Reserves; 2. Output Loss in Asian Crisis; 3. Interest Rate Spreads; 4. Estimated Sterilization Financing Costs; 5. Foreign Reserves Levels: Optimal Vs. Actual; IV. A Threshold Model of Spreads-Reserves Elasticity; 6. Thresholds in the Spreads-Reserves Relations; V. Conclusions 
505 8 |a 7. Threshold Estimates of the Elasticity of EMBI Spreads with Respect to International Reserves Traitional Indicators8. Threshold Estimates of the Elasticity of EMBI Spreads with Respect to International Reserves New Indicators; Figures; 1. Reserves in U.S. dollar, 1990-2007; 2. Reserves in percent of GDP, 1990-2007; 3. Reserves in months of exports of goods and services, 1990-2007; 4. Reserves in percent of short-term debt, 1990-2007; 5. Reservesin percent of gross external liabilities, 1990-2007; 6. Asia Emerging Markets: External Liabilities, 1990-2006 
505 8 |a 7. Reserves in percent of broad money, 1990-20078. Reserves to Financial System Deposits, Equities, and Bonds, 1990-2005; 9. The Optimal Level of International Reserves, 2007; 10. Optimal vs. Actual Levels of International Reserves in Asia; 11. The Optimal Level of International Reserves and Traditional Reserve Adequacy Indicators; 12. International Reserves and Threshold Estimates; Appendix; A.1. Variable Definitions and Sources; A.2. Summary Statistics; References 
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650 0 |a Foreign exchange administration  |z Asia. 
650 0 |a Foreign exchange  |z Asia. 
650 0 |a Capital movements  |z Asia. 
650 6 |a Change  |x Administration  |z Asie. 
650 6 |a Change  |z Asie. 
650 6 |a Mouvements de capitaux  |z Asie. 
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650 7 |a Foreign exchange  |2 fast 
650 7 |a Foreign exchange administration  |2 fast 
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700 1 |a Zavadjil, Milan,  |e author. 
710 2 |a International Monetary Fund.  |b Asia and Pacific Department. 
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