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Financial stability, the trilemma, and international reserves

Author: Maurice Obstfeld; Jay C Shambaugh; Alan M Taylor; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2008.
Series: Working paper series (National Bureau of Economic Research), no. 14217.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
The rapid growth of international reserves---a development concentrated in the emerging markets---remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets. The size of domestic financial liabilities that could potentially be converted into foreign currency (M2), financial  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Maurice Obstfeld; Jay C Shambaugh; Alan M Taylor; National Bureau of Economic Research.
OCLC Number: 243800600
Notes: "August 2008."
Description: 1 online resource (33, [13] p.) : ill. (some col.), digital.
Series Title: Working paper series (National Bureau of Economic Research), no. 14217.
Responsibility: Maurice Obstfeld, Jay C. Shambaugh, Alan M. Taylor.

Abstract:

The rapid growth of international reserves---a development concentrated in the emerging markets---remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets. The size of domestic financial liabilities that could potentially be converted into foreign currency (M2), financial openness, the ability to access foreign currency through debt markets, and exchange rate policy are all significant predictors of reserve stocks. Our empirical financial-stability model seems to outperform both traditional models and recent explanations based on external short-term debt.

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