| 来源类型 | Working Paper |
| 规范类型 | 论文 |
| Does reserve accumulation crowd out investment? | |
| Vincent R. Reinhart | |
| 发表日期 | 2015-07-21 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Abstract: It is understood that investment serves as a shock absorber in times of crisis. The duration of the drag on investment, however, is perplexing. For the Asian economies we study, average investment/GDP is about 6 percentage points lower during 1998-2014 than its average level in the decade before the Asian crisis; the decline is greater if China is excluded. We document how in the wake of crisis home bias in finance increases markedly as public and private sectors look inward when external financing becomes prohibitively costly or undesirable from a financial stability perspective. Reserve accumulation involves an official institution (i.e., the central bank) funneling domestic saving abroad and thus competing with domestic borrowers in the market for loanable funds. We suggest a broader definition of crowding out and leakages, driven importantly by rising home bias in finance and by official capital outflows. We present evidence from Asia and advanced European economies with managed currencies to support this interpretation. |
| 主题 | International Economics ; Public Economics |
| 标签 | 2008 financial crisis ; European Union (EU) ; finance ; investment |
| URL | https://www.aei.org/research-products/working-paper/does-reserve-accumulation-crowd-out-investment/ |
| 来源智库 | American Enterprise Institute (United States) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/207323 |
| 推荐引用方式 GB/T 7714 | Vincent R. Reinhart. Does reserve accumulation crowd out investment?. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Vincent R. Reinhart]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Vincent R. Reinhart]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Vincent R. Reinhart]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
