02993nam 2200613Ia 450 991081466300332120200520144314.01-4623-7199-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(IMF)WPIEE2006280(MiAaPQ)EBC3014338(EXLCZ)99336000000044328620061208d2006 uf 0engur|n|---|||||txtccrFinancial versus monetary mercantilism-long-run view of large international reserves hoarding /prepared by Joshua Aizenman and Jaewoo Lee1st ed.[Washington, D.C.] International Monetary Fund, Western Hemisphere Departmentc20061 online resource (24 p.)IMF working paper ;WP/06/280"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 paper ;WP/06/280.Mercantile systemEast AsiaMathematical modelsBalance of tradeEast AsiaMercantile systemMathematical models.Balance of tradeAizenman Joshua122521Lee Jaewoo1679787National Bureau of Economic Research.MiAaPQMiAaPQMiAaPQBOOK9910814663003321Financial Versus Monetary Mercantilism4071906UNINA