Financial versus monetary mercantilism-long-run view of large international reserves hoarding / / prepared by Joshua Aizenman and Jaewoo Lee

• Autore: Aizenman Joshua
• Pubblicazione: [Washington, D.C.], : International Monetary Fund, Western Hemisphere Department, c2006
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (24 p.)
• Soggetto topico: Mercantile system - East Asia - Mathematical models; Balance of trade - East Asia
• Altri autori: LeeJaewoo
• Note generali: "December 2006."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""Contents""; ""I. OVERVIEW""; ""II. FINANCIAL VERSUS MONETARY MERCANTILISM OVER THE DECADES: 1970â€? 2005""; ""III. THE HAZARD OF COMPETITIVE HOARDING""; ""IV. BANK FRAGILITY: ON THE OBSERVATION EQUIVALENCE OF MONETARY MERCANTILISM AND SELF- INSURANCE""; ""V. CONCLUSION""; ""REFERENCES""
• Sommario/riassunto: 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.
• Titolo autorizzato: Financial Versus Monetary Mercantilism
• ISBN: 1-4623-7199-X; 1-4527-8948-7; 1-282-56518-4; 9786613822512; 1-4519-0993-4
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910814663003321
• Lo trovi qui: Univ. Federico II
• Serie: IMF working paper ; ; WP/06/280.