LEADER 05169oam 22012854 450 001 9910788332303321 005 20230721045705.0 010 $a1-4623-3054-1 010 $a1-4527-3493-3 010 $a1-4518-7281-X 010 $a9786612843488 010 $a1-282-84348-6 035 $a(CKB)3170000000055292 035 $a(EBL)1608348 035 $a(SSID)ssj0000940060 035 $a(PQKBManifestationID)11600616 035 $a(PQKBTitleCode)TC0000940060 035 $a(PQKBWorkID)10946753 035 $a(PQKB)10487362 035 $a(OCoLC)451167990 035 $a(MiAaPQ)EBC1608348 035 $a(IMF)WPIEE2009134 035 $a(EXLCZ)993170000000055292 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aBalance of Payments Anti-Crises /$fIsabel Yan, Michael Kumhof 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (23 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1710-4 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. The Model; A. Households; B. Firms; C. Government; D. Equilibrium; E. Government Revenue Shock; III. Model Solution; A. Parameter Values; B. Solution Method; IV. Anti-Crises; V. Conclusion; References; Figures; 1. China and Colombia-Reserves and Inflation; 2. Chile, Norway and Russia - Reserves and Inflation; 3. (a) Anti-Crisis - Overview; 3. (b) Anti-Crisis - Labor Market; 3. (c) Anti-Crisis - Government Budget; 3. (d) Anti-Crisis - Price Levels and Inflation Rates 330 3 $aSeveral emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciations and in some cases increases in domestic inflation. We show that one way to understand these episodes is as manifestations of balance of payments anti-crises, as reflecting the perception that the government intends to discontinue its accumulation of reserves in the near future. The end-phase of such crises is characterized by nominal interest rates approaching their zero lower bound in accelerating fashion and, if the government targets CPI inflation, by fast increasing domestic inflation. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/134 606 $aBalance of payments 606 $aForeign exchange 606 $aBanks and Banking$2imf 606 $aForeign Exchange$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aOpen Economy Macroeconomics$2imf 606 $aMonetary Policy$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aComparative or Joint Analysis of Fiscal and Monetary Policy$2imf 606 $aStabilization$2imf 606 $aTreasury Policy$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aMonetary economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aMacroeconomics$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aInflation targeting$2imf 606 $aExchange rates$2imf 606 $aInternational reserves$2imf 606 $aZero lower bound$2imf 606 $aMonetary policy$2imf 606 $aPrices$2imf 606 $aCentral banks$2imf 606 $aReserves accumulation$2imf 606 $aForeign exchange reserves$2imf 606 $aInterest rates$2imf 607 $aChina, People's Republic of$2imf 615 0$aBalance of payments. 615 0$aForeign exchange. 615 7$aBanks and Banking 615 7$aForeign Exchange 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aOpen Economy Macroeconomics 615 7$aMonetary Policy 615 7$aCentral Banks and Their Policies 615 7$aComparative or Joint Analysis of Fiscal and Monetary Policy 615 7$aStabilization 615 7$aTreasury Policy 615 7$aPrice Level 615 7$aDeflation 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aMonetary economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aMacroeconomics 615 7$aBanking 615 7$aFinance 615 7$aInflation targeting 615 7$aExchange rates 615 7$aInternational reserves 615 7$aZero lower bound 615 7$aMonetary policy 615 7$aPrices 615 7$aCentral banks 615 7$aReserves accumulation 615 7$aForeign exchange reserves 615 7$aInterest rates 700 $aYan$b Isabel$01472663 701 $aKumhof$b Michael$01472664 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788332303321 996 $aBalance of Payments Anti-Crises$93685528 997 $aUNINA