04379oam 22010214 450 991078851870332120230828232555.01-4623-7199-X1-4527-8948-71-282-56518-497866138225121-4519-0993-4(CKB)3360000000443286(EBL)3014338(SSID)ssj0000940816(PQKBManifestationID)11528536(PQKBTitleCode)TC0000940816(PQKBWorkID)10955964(PQKB)11705944(OCoLC)698585538(MiAaPQ)EBC3014338(IMF)WPIEE2006280(EXLCZ)99336000000044328620020129d2006 uf 0engur|n|---|||||txtccrFinancial Versus Monetary Mercantilism : Long-Run View of Large International Reserves Hoarding /Jaewoo Lee, Joshua AizenmanWashington, D.C. :International Monetary Fund,2006.1 online resource (24 p.)IMF Working Papers"December 2006."1-4518-6540-6 Includes bibliographical references.""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""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.IMF Working Papers; Working Paper ;No. 2006/280Mercantile systemEast AsiaMathematical modelsBalance of tradeEast AsiaBanks and BankingimfFinancial Risk ManagementimfForeign ExchangeimfIndustries: Financial ServicesimfMonetary PolicyimfFinancial Institutions and Services: GeneralimfFinancial CrisesimfBankingimfEconomic & financial crises & disastersimfCurrencyimfForeign exchangeimfInternational reservesimfFinancial sectorimfReserves accumulationimfFinancial crisesimfReal exchange ratesimfForeign exchange reservesimfFinancial services industryimfJapanimfMercantile systemMathematical models.Balance of tradeBanks and BankingFinancial Risk ManagementForeign ExchangeIndustries: Financial ServicesMonetary PolicyFinancial Institutions and Services: GeneralFinancial CrisesBankingEconomic & financial crises & disastersCurrencyForeign exchangeInternational reservesFinancial sectorReserves accumulationFinancial crisesReal exchange ratesForeign exchange reservesFinancial services industryLee Jaewoo1509561Aizenman Joshua122521National Bureau of Economic Research.DcWaIMFBOOK9910788518703321Financial Versus Monetary Mercantilism3844937UNINA