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:
Foreign exchange administration > Asia.
Foreign exchange > Asia.
Capital movements > Asia.
Change > Administration > Asie.
Change > Asie.
Mouvements de capitaux > Asie.
Capital movements
Foreign exchange
Foreign exchange administration
Asia
Acceso en línea:Texto completo
Tabla de Contenidos:
  • 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
  • 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
  • 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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