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Global imbalances, financial crises, and central bank policies /
Andreas Steiner assesses the relationships between global imbalances, financial crises, and central bank policies, with a specific focus on their reserves. His combination of a strictly international perspective with an analysis based on empirical research enables him to develop an analytical model...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
London, United Kingdom :
Academic Press is an imprint of Elsevier,
2016.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Front Cover; Global Imbalances, Financial Crises, and Central Bank Policies; Copyright; Dedication; Contents; Foreword; Preface; 1 Overview; 1.1 Introduction; 1.2 Summary; 2 Accounting for Of cial Capital Flows; 2.1 Global imbalances; 2.2 Financial crises; 2.3 Financial integration; 2.4 Private versus of cial creditors; 2.4.1 Capital ows; 2.4.2 Stocks of foreign capital; 3 Current Account Imbalances: The Role of Of cial Capital Flows; 3.1 Introduction; 3.2 Implications of reserve currency status; 3.2.1 Literature review; 3.2.2 Implications of the dual role of the reserve currency.
- 3.2.3 Reserve status and balance of payments accounting3.2.4 Reserve currency status in a portfolio balance model; 3.3 Empirical analysis of the role of of cial capital for the current account balance; 3.3.1 Who nances the US current account de cit? A statistical analysis; 3.3.2 What is the role of of cial capital in the current account balance? A regression analysis; 3.3.3 Which factors are major determinants of the US current account balance?; 3.3.4 How do of cial and private capital ows interact?; 3.4 Conclusions and policy implications.
- Appendix 3.A Reserve currency status and balance of paymentsAppendix 3.B List of variables and data sources; Appendix 3.C Sample of countries; Appendix 3.D Regression results: Robustness using xed samples; 4 Determinants of the Public Budget Balance: The Role of Of cial Capital Flows; 4.1 Introduction; 4.2 Foreign exchange reserves in historical perspective; 4.2.1 A short history of reserve currencies; 4.2.2 A short history of asset classes used as reserves; 4.3 Implications of reserve currency status; 4.3.1 Implications for interest rates; 4.3.2 Implications for the public budget.
- 4.4 The role of of cial capital for the public budget balance
- a regression analysis4.4.1 Description of data set and empirical approaches; 4.4.2 Time-series analysis: US and UK; 4.4.3 Analysis in a panel data set of industrialized countries; 4.4.4 Alternative identi cation: Are reserve currency countries outliers?; 4.4.5 Robustness checks; 4.5 Conclusions; Appendix 4.A List of variables and data sources; Appendix 4.B Sample of countries; Appendix 4.C Data sources: Shares of reserve currencies in total foreign exchange reserves.
- Appendix 4.D Regression results: Robustness using xed sample sizes5 Reserve Accumulation and Financial Crises: From Individual Protection to Systemic RiskThis is an extended and updated version of AS14b. Publication with permission from Elsevier. Differences in the quantitative results may arise from revised data.; 5.1 Introduction; 5.2 Reserves and crises: The links; 5.2.1 Reserves and domestic crises; 5.2.2 Reserves and crises in the reserve currency country; 5.2.3 Reserves and global crises; 5.3 The optimal amount of reserves; 5.3.1 The benchmark model.