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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2012.12
- 수록면
- 329 - 349 (21page)
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초록· 키워드
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During the global financial crisis of 2008 and 2009, some emerging market economies abstained from using their international reserves and allowed their currencies to depreciate despite large international reserve holdings. Applying the difference in differences approach to the sample of 18 emerging market economies, we investigate the factors that contributed to fear of losing reserves. The result shows that while emerging market economies in general did not show fear of losing reserves during normal times, those with relatively high short term external debt compared to their international reserve holdings became reluctant to rely on using reserves during the global financial crisis period, implying that short term external debt was the key factor for the reluctance to use international reserves displayed by some emerging market economies. In this regard, countries with high short term external debt should adopt adequate measures such as establishing international financial safety nets and introducing capital flow management measures in addition to building up international reserves in order to maintain foreign exchange stability against sudden stops of capital flows.
목차
1. INTRODUCTION
2. FEAR OF LOSING RESERVES:EVIDENCE AND LITERATURE
3. MODEL AND DATA
4. EMPIRICAL RESULTS
5. CONCLUSION
REFERENCE
참고문헌 (16)
참고문헌 신청
1. [보고서] - Aizenman, Joshua / 2005 / International Reserves: Precautionary vs. Mercantilist Views, Theory and Evidence
2. [보고서] - Aizenman, Joshua / 2010 / Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss during the 2008-09 Crisis
3. [보고서] - Aizenman, Joshua / 2010 / The Financial Crisis and Sizable International Reserves Depletion: From ‘Fear of Floating’ to the ‘Fear of Losing International Reserves’?
4. [학술지(정기간행물)] - Aizenman, Joshua and Nancy Marion / 2003 / The High Demand for International Reserves in the Far East: What is Going On? / Journal of the Japanese and International Economies 17 : 370 ~ 400
5. [보고서] - Aizenman, Joshua / 2010 / From the Great Moderation to the Global Crisis: Exchange Market Pressure in the 2000s
2. [보고서] - Aizenman, Joshua / 2010 / Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss during the 2008-09 Crisis
3. [보고서] - Aizenman, Joshua / 2010 / The Financial Crisis and Sizable International Reserves Depletion: From ‘Fear of Floating’ to the ‘Fear of Losing International Reserves’?
4. [학술지(정기간행물)] - Aizenman, Joshua and Nancy Marion / 2003 / The High Demand for International Reserves in the Far East: What is Going On? / Journal of the Japanese and International Economies 17 : 370 ~ 400
5. [보고서] - Aizenman, Joshua / 2010 / From the Great Moderation to the Global Crisis: Exchange Market Pressure in the 2000s
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UCI(KEPA) : I410-ECN-0101-2014-320-000471596