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Record Nr. |
UNINA9910788518703321 |
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Autore |
Lee Jaewoo |
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Titolo |
Financial Versus Monetary Mercantilism : : Long-Run View of Large International Reserves Hoarding / / Jaewoo Lee, Joshua Aizenman |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-7199-X |
1-4527-8948-7 |
1-282-56518-4 |
9786613822512 |
1-4519-0993-4 |
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Descrizione fisica |
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1 online resource (24 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Mercantile system - East Asia - Mathematical models |
Balance of trade - East Asia |
Banks and Banking |
Financial Risk Management |
Foreign Exchange |
Industries: Financial Services |
Monetary Policy |
Financial Institutions and Services: General |
Financial Crises |
Banking |
Economic & financial crises & disasters |
Currency |
Foreign exchange |
International reserves |
Financial sector |
Reserves accumulation |
Financial crises |
Real exchange rates |
Foreign exchange reserves |
Financial services industry |
Japan |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. OVERVIEW""; ""II. FINANCIAL VERSUS MONETARY MERCANTILISM OVER THE DECADES: 1970� 2005""; ""III. THE HAZARD OF COMPETITIVE HOARDING""; ""IV. BANK FRAGILITY: ON THE OBSERVATION EQUIVALENCE OF MONETARY MERCANTILISM AND SELF- INSURANCE""; ""V. CONCLUSION""; ""REFERENCES"" |
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Sommario/riassunto |
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The sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism-hoarding international reserves in order to improve competitiveness. From a long-run perspective, manufacturing exporters in East Asia adopted financial mercantilism-subsidizing the cost of capital- during decades of high growth. They switched to hoarding large international reserves when growth faltered, making it harder to disentangle the monetary mercantilism from a precautionary response to the heritage of past financial mercantilism. Monetary mercantilism also lowers the cost of hoarding through its short-term boost to external competitiveness, but may be associated with negative externalities leading to competitive hoarding. |
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