| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6744 |
| DP6744 Budget Uncertainty and Faculty Contracts: A Dynamic Framework for Comparative Analysis | |
| Konstantin Sonin; Irina Khovanskaya; Maria Yudkevich | |
| 发表日期 | 2008-03-14 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We present a model of the optimal level of international reserves for a small open economy seeking insurance against sudden stops in capital flows. We derive a formula for the optimal level of reserves, and show that plausible calibrations can explain reserves of the order of magnitude observed in many emerging market countries. However, the recent build-up of reserves in emerging market Asia seems in excess of what would be implied by an insurance motive against sudden stops. |
| 主题 | International Macroeconomics |
| 关键词 | Balance-of-payments crises International reserves Sudden stops |
| URL | https://cepr.org/publications/dp6744 |
| 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/535582 |
| 推荐引用方式 GB/T 7714 | Konstantin Sonin,Irina Khovanskaya,Maria Yudkevich. DP6744 Budget Uncertainty and Faculty Contracts: A Dynamic Framework for Comparative Analysis. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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