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Are Emerging Asia’s Reserves Really Too High? / / Marta Ruiz-Arranz, Milan Zavadjil



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Autore: Ruiz-Arranz Marta Visualizza persona
Titolo: Are Emerging Asia’s Reserves Really Too High? / / Marta Ruiz-Arranz, Milan Zavadjil Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2008
Descrizione fisica: 1 online resource (36 p.)
Disciplina: 332.456095
Soggetto topico: Foreign exchange administration - Asia
Foreign exchange - Asia
Capital movements - Asia
Banks and Banking
Exports and Imports
International Investment
Long-term Capital Movements
Monetary Policy
International Lending and Debt Problems
International economics
Banking
Capital flows
Sudden stops
External debt
Reserves accumulation
International reserves
Capital movements
Foreign exchange reserves
Debts, External
Soggetto geografico: Taiwan Province of China
Altri autori: ZavadjilMilan  
Note generali: Description based upon print version of record.
Nota di contenuto: Contents; I. Introduction; II. Developments in Reserve Adequacy Indicators; Tables; 1. Volatilities of Capital Flows in Asia-Pacific Economies; Box 1: Why Scale Reserves by Gross External Liabilities?; III. An Insurance Model of Optimal Reserves; 2. Output Loss in Asian Crisis; 3. Interest Rate Spreads; 4. Estimated Sterilization Financing Costs; 5. Foreign Reserves Levels: Optimal Vs. Actual; IV. A Threshold Model of Spreads-Reserves Elasticity; 6. Thresholds in the Spreads-Reserves Relations; V. Conclusions
7. Threshold Estimates of the Elasticity of EMBI Spreads with Respect to International Reserves Traditional Indicators 8. Threshold Estimates of the Elasticity of EMBI Spreads with Respect to International Reserves New Indicators; Figures; 1. Reserves in U.S. dollar, 1990-2007; 2. Reserves in percent of GDP, 1990-2007; 3. Reserves in months of exports of goods and services, 1990-2007; 4. Reserves in percent of short-term debt, 1990-2007; 5. Reserves in percent of gross external liabilities, 1990-2007; 6. Asia Emerging Markets: External Liabilities, 1990-2006
7. Reserves in percent of broad money, 1990-2007 8. Reserves to Financial System Deposits, Equities, and Bonds, 1990-2005; 9. The Optimal Level of International Reserves, 2007; 10. Optimal vs. Actual Levels of International Reserves in Asia; 11. The Optimal Level of International Reserves and Traditional Reserve Adequacy Indicators; 12. International Reserves and Threshold Estimates; Appendix; A.1. Variable Definitions and Sources; A.2. Summary Statistics; References
Sommario/riassunto: Empirical analysis does not suggest that reserves are "too high" in the majority of Asian countries, though China may be a special case. Much of the reserve increase in Asia can be explained by an optimal insurance model under which reserves provide a steady source of liquidity to cushion the impact of a sudden stop in capital inflows on output and consumption. Moreover, the benefits of reserves in terms of reduced spreads on privately held external debt further explains the observed growth in reserves since 1997-98. Using threshold estimation techniques, the paper shows that most of Asia can still benefit from higher reserves in terms of reduced borrowing costs.
Titolo autorizzato: Are Emerging Asia’s Reserves Really Too High  Visualizza cluster
ISBN: 1-4623-3662-0
1-4527-7632-6
1-4518-7050-7
9786612841439
1-282-84143-2
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788232503321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2008/192