Hoarding of International Reserves: Mrs Machlup’s Wardrobe and the Joneses [PDF]
Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup’s wardrobe hypothesis and the related keeping up with the Joneses argument.
Xingwang Qian, Yin-Wong Cheung
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The twin crises: The causes of banking and balance of payments problems [PDF]
In the wake of the Mexican and Asian currency turmoil, the subject of financial crises has come to the forefront of academic and policy discussions. This paper analyzes the links between banking and currency crises.
Kaminsky, Graciela, Reinhart, Carmen
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Corporate Governance in the Asian Financial Crisis [PDF]
The "Asian Crisis" of 1997-98 affected all the "emerging markets" open to capital flows. Measures of corporate governance, particularly the effectiveness of protection for minority shareholders, explain the extent of depreciation and stock market decline
Alasdair Breach +3 more
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Understanding Reserve Volatility in Emerging Markets: A Look at the Last Thirty Years [PDF]
In this paper, we examine external, monetary, and structural determinants of cross-country variation in reserve volatility for 30 emerging market economies from 1973 to 2000. We find that reserve holdings and openess to be the most important determinants
Andreas M. Fischer, Ricarda Demarmels
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The High Demand for International Reserves in the Far East: What's Going On? [PDF]
This paper explores econometric and theoretical interpretations for the relatively high demand for international reserves by countries in the Far East and the relatively low demand by some other developing countries.
Joshua Aizenman, Nancy Marion
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International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence [PDF]
This paper tests the importance of precautionary and mercantilist motives in accounting for the hoarding of international reserves by developing countries, and provides a model that quantifies the welfare gains from optimal management of international ...
Jaewoo Lee, Joshua Aizenman
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Capital Based Macroeconomic model and 100 percent reserve system, free banking system and BFH system: A Comparism among Latvia, Lithuania, Kazakhstan, and Kyrgyzstan. [PDF]
This essay extends the capital based macroeconomic theory to include international capital flow thus extending it to an open economy and analyze it in the context of the BFH system, Free banking system and 100 percent reserve ration. In all these, it was
Baafi Antwi, Joseph
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On the Interest Rate Elasticity of the Demand for International Reserves: Some Evidence from Developing Coutries [PDF]
Contrary to what is suggested by the theory, most empirical studies on the demand for international reserves have failed to find a significant(negative) coefficient for the opportunity cost of holding reserves.
Sebastian Edwards
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Updated scenarios for the Romanian economy medium-term dynamics [PDF]
The current study uses the 2000 version of the Romanian economy macromodel, amended only by up-dating the inflation econometric function. Special attention will be paid to: • the estimations for 2001 ; • the potential impact of the external environment ...
Dobrescu, Emilian
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Mechanisms of Resource Curse, Economic Policy and Growth [PDF]
This paper analyzes economic policies in resource rich countries and various mechanisms of resource curse leading to a potentially inefficient use of resources.
Polterovich, Victor +2 more
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