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A macroprudential theory of foreign reserve accumulation

Author: Fernando Arce; Julien Bengui; Javier Bianchi; Bank of Canada,
Publisher: [Ottawa] : Bank of Canada, 2019. ©2019
Series: Staff working paper, 2019-43
Edition/Format:   eBook : Document : National government publication : EnglishView all editions and formats
Summary:
'This paper proposes a theory of foreign reserves as macroprudential policy. We study an open-economy model of financial crises in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient allocation. The optimal reserve accumulation policy leans against the wind and significantly reduces the exposure to financial  Read more...
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Genre/Form: Electronic books
Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Fernando Arce; Julien Bengui; Javier Bianchi; Bank of Canada,
OCLC Number: 1123174489
Language Note: Includes abstracts in English and French.
Notes: Distributed by the Government of Canada Publishing and Depository Services Program (Weekly acquisitions list 2019-40)
"October 2019."
Description: 1 online resource (ii, 29 pages)
Series Title: Staff working paper, 2019-43
Responsibility: by Fernando Arce, Julien Bengui and Javier Bianchi.
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Abstract:

'This paper proposes a theory of foreign reserves as macroprudential policy. We study an open-economy model of financial crises in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient allocation. The optimal reserve accumulation policy leans against the wind and significantly reduces the exposure to financial crises. The theory is consistent with the joint dynamics of private and official capital flows, both over time and in the cross-section, and can quantitatively account for the recent upward trend in international reserves'--Abstract, page ii.

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Primary Entity<\/h3>\n
<http:\/\/www.worldcat.org\/oclc\/1123174489<\/a>> # A macroprudential theory of foreign reserve accumulation<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:MediaObject<\/a>, schema:Book<\/a>, schema:CreativeWork<\/a> ;\u00A0\u00A0\u00A0\nlibrary:oclcnum<\/a> \"1123174489<\/span>\" ;\u00A0\u00A0\u00A0\nlibrary:placeOfPublication<\/a> <http:\/\/id.loc.gov\/vocabulary\/countries\/onc<\/a>> ;\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/finance<\/a>> ; # Finance<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/economic_growth<\/a>> ; # Economic growth<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/dewey.info\/class\/332.1\/a15\/<\/a>> ;\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/macroeconomics<\/a>> ; # Macroeconomics<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/business_cycle<\/a>> ; # Business cycle<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/gross_domestic_product<\/a>> ; # Gross domestic product<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/external_debt<\/a>> ; # External debt<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/foreign_exchange_reserves_management<\/a>> ; # Foreign exchange reserves--Management<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/debt<\/a>> ; # Debt<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/balance_of_payments_mathematical_models<\/a>> ; # Balance of payments--Mathematical models<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/reserves_de_change_gestion<\/a>> ; # R\u00E9serves de change--Gestion<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/economy<\/a>> ; # Economy<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/foreign_exchange_reserves<\/a>> ; # Foreign-exchange reserves<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/balance_des_paiements_modeles_mathematiques<\/a>> ; # Balance des paiements--Mod\u00E8les math\u00E9matiques<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Topic\/economics<\/a>> ; # Economics<\/span>\n\u00A0\u00A0\u00A0\nschema:author<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Person\/arce_fernando<\/a>> ; # Fernando Arce<\/span>\n\u00A0\u00A0\u00A0\nschema:author<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Person\/bengui_julien<\/a>> ; # Julien Bengui<\/span>\n\u00A0\u00A0\u00A0\nschema:author<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Person\/bianchi_javier<\/a>> ; # Javier Bianchi<\/span>\n\u00A0\u00A0\u00A0\nschema:bookFormat<\/a> schema:EBook<\/a> ;\u00A0\u00A0\u00A0\nschema:contributor<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/9544686852#Organization\/bank_of_canada<\/a>> ; # Bank of Canada,<\/span>\n\u00A0\u00A0\u00A0\nschema:copyrightYear<\/a> \"2019<\/span>\" ;\u00A0\u00A0\u00A0\nschema:datePublished<\/a> \"2019<\/span>\" ;\u00A0\u00A0\u00A0\nschema:description<\/a> \"\'This paper proposes a theory of foreign reserves as macroprudential policy. We study an open-economy model of financial crises in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient allocation. The optimal reserve accumulation policy leans against the wind and significantly reduces the exposure to financial crises. The theory is consistent with the joint dynamics of private and official capital flows, both over time and in the cross-section, and can quantitatively account for the recent upward trend in international reserves\'--Abstract, page ii.<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:exampleOfWork<\/a> <http:\/\/worldcat.org\/entity\/work\/id\/9544686852<\/a>> ;\u00A0\u00A0\u00A0\nschema:genre<\/a> \"Electronic books<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:genre<\/a> \"Government publication<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:genre<\/a> \"National government publication<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:inLanguage<\/a> \"en<\/span>\" ;\u00A0\u00A0\u00A0\nschema:isPartOf<\/a> <http:\/\/worldcat.org\/issn\/1701-9397<\/a>> ; # Staff working paper,<\/span>\n\u00A0\u00A0\u00A0\nschema:name<\/a> \"A macroprudential theory of foreign reserve accumulation<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:productID<\/a> \"1123174489<\/span>\" ;\u00A0\u00A0\u00A0\nschema:url<\/a> <https:\/\/www.deslibris.ca\/ID\/10102478<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/www.deslibris.ca\/ID\/10102478<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/epe.lac-bac.gc.ca\/100\/201\/301\/weekly_acquisitions_list-ef\/2019\/19-40\/publications.gc.ca\/collections\/collection_2019\/banque-bank-canada\/FB3-5-2019-43-eng.pdf<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/publications.gc.ca\/collections\/collection_2019\/banque-bank-canada\/FB3-5-2019-43-eng.pdf<\/a>> ;\u00A0\u00A0\u00A0\nwdrs:describedby<\/a> <http:\/\/www.worldcat.org\/title\/-\/oclc\/1123174489<\/a>> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n\n

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