04598oam 22011174 450 991097334280332120250426110741.097866138225129781462371990146237199X978145278948414527894879781282565180128256518497814519099371451909934(CKB)3360000000443286(EBL)3014338(SSID)ssj0000940816(PQKBManifestationID)11528536(PQKBTitleCode)TC0000940816(PQKBWorkID)10955964(PQKB)11705944(OCoLC)698585538(IMF)WPIEE2006280(MiAaPQ)EBC3014338(IMF)WPIEA2006280WPIEA2006280(EXLCZ)99336000000044328620020129d2006 uf 0engur|n|---|||||txtccrFinancial Versus Monetary Mercantilism : Long-Run View of Large International Reserves Hoarding /Jaewoo Lee, Joshua Aizenman1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (24 p.)IMF Working Papers"December 2006."9781451865400 1451865406 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 AsiaBankingimfBanks and BankingimfCurrencyimfEconomic & financial crises & disastersimfFinancial CrisesimfFinancial crisesimfFinancial Institutions and Services: GeneralimfFinancial Risk ManagementimfFinancial sectorimfFinancial services industryimfForeign exchange reservesimfForeign ExchangeimfForeign exchangeimfIndustries: Financial ServicesimfInternational reservesimfMonetary PolicyimfReal exchange ratesimfReserves accumulationimfJapanimfMercantile systemMathematical models.Balance of tradeBankingBanks and BankingCurrencyEconomic & financial crises & disastersFinancial CrisesFinancial crisesFinancial Institutions and Services: GeneralFinancial Risk ManagementFinancial sectorFinancial services industryForeign exchange reservesForeign ExchangeForeign exchangeIndustries: Financial ServicesInternational reservesMonetary PolicyReal exchange ratesReserves accumulationLee Jaewoo1816497Aizenman Joshua122521National Bureau of Economic Research.DcWaIMFBOOK9910973342803321Financial Versus Monetary Mercantilism4372840UNINA