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International Reserves Management and Capital Mobility in a Volatile World : Policy Considerations and a Case Study of Korea

Author: Joshua Aizenman; Yeonho Lee; Yeongseop Rhee
Publisher: Cambridge, Mass. National Bureau of Economic Research 2004.
Series: Working paper series (National Bureau of Economic Research), no. w10534.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper characterizes the precautionary demand for international reserves driven by the attempt to reduce the incidence of costly output decline induced by sudden reversal of short-term capital flows. It validates the main predictions of the precautionary approach by investigating changes in the patterns of international reserves in Korea in the aftermath of the 1997-8 crisis. This crisis provides an interesting  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Joshua Aizenman; Yeonho Lee; Yeongseop Rhee
OCLC Number: 1027362809
Notes: June 2004.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w10534.
Responsibility: Joshua Aizenman, Yeonho Lee, Yeongseop Rhee.

Abstract:

This paper characterizes the precautionary demand for international reserves driven by the attempt to reduce the incidence of costly output decline induced by sudden reversal of short-term capital flows. It validates the main predictions of the precautionary approach by investigating changes in the patterns of international reserves in Korea in the aftermath of the 1997-8 crisis. This crisis provides an interesting case study, especially because of the rapid rise in Korea's financial integration in the aftermath of the East-Asian crisis, where foreigners' shareholding has increased to 40% of total Korean market capitalization. We show that the crisis led to structural change in the hoarding of international reserves, and that the Korean monetary authority gives much greater attention to a broader notion of 'hot money,' inclusive of short-term debt and foreigners' shareholding.

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<http:\/\/experiment.worldcat.org\/entity\/work\/data\/50152515#Topic\/financial_crises<\/a>> # Financial crises<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Financial crises<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
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<http:\/\/experiment.worldcat.org\/entity\/work\/data\/50152515#Topic\/investments_foreign_korea_south<\/a>> # Investments, Foreign--Korea (South)<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Investments, Foreign--Korea (South)<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
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Content-negotiable representations<\/p>\n