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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2006.1
- 수록면
- 199 - 214 (16page)
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This paper examines the importance of portfolio-flow volatility as a determinant of the demand for international reserves over the 1980-99 period. Using panel data, we find that portfolio-flow volatility significantly raises the level of reserve holdings. Especially reserve accumulation is most sensitive to the volatility of portfolio balance (net flows). Capital account liberalization has increased uncertainty in the world economy, thereby making open economies more vulnerable to international financial crises. The regression results imply that monetary authorities have accumulated more precautionary reserve balances against increased uncertainty in portfolio flows as capital account liberalization progresses. As in previous studies, real openness is an important explanatory factor in determining the demand for reserves.
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참고문헌 (24)
참고문헌 신청
Aizenman, J / 2002 / “The High Demand for International Reserves in the Far East: What’s Going On?” / Journal of the Japanese and International Economies 17 (3)
Aizenman, J / 2004 / International Reserve Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of Korea. / NBER Working Paper No. 10534
Aizenman, J / 2005 / International Reserves: Precautionary versus Mercantilist Views, Theory, and Evidence. / NBER Working Paper
Bahmani-Oskooee, M / 2002 / “Demand for International Reserves.” / Applied Economics 34 (10)
Ben-Bassat, A / 1992 / “Optimal International Reserves and Sovereign Risk.” / Journal of International Economics 33
Aizenman, J / 2004 / International Reserve Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of Korea. / NBER Working Paper No. 10534
Aizenman, J / 2005 / International Reserves: Precautionary versus Mercantilist Views, Theory, and Evidence. / NBER Working Paper
Bahmani-Oskooee, M / 2002 / “Demand for International Reserves.” / Applied Economics 34 (10)
Ben-Bassat, A / 1992 / “Optimal International Reserves and Sovereign Risk.” / Journal of International Economics 33
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