| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6693 |
| DP6693 Financial Stability, the Trilemma, and International Reserves | |
| Maurice Obstfeld; Alan M. Taylor; Jay Shambaugh | |
| 发表日期 | 2008-02-07 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | The rapid growth of international reserves|a development concentrated in the emerging markets|remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets. The size of domestic financial liabilities that could potentially be converted into foreign currency (M2), financial openness, the ability to access foreign currency through debt markets, and exchange rate policy are all significant predictors of reserve stocks. Our empirical financial- stability model seems to outperform both traditional models and recent explanations based on external short-term debt. |
| 主题 | International Macroeconomics |
| 关键词 | Banking crises Capital flight Central banks Exchange rate regimes Financial development Foreign exchange Global imbalances Guidotti-greenspan rule International liquidity Intervention |
| URL | https://cepr.org/publications/dp6693 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535530 |
| 推荐引用方式 GB/T 7714 | Maurice Obstfeld,Alan M. Taylor,Jay Shambaugh. DP6693 Financial Stability, the Trilemma, and International Reserves. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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