| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9764 |
| DP9764 Crowding Out Redefined: The Role of Reserve Accumulation | |
| Carmen Reinhart; Takeshi Tashiro | |
| 发表日期 | 2013-11-24 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | It is well understood that investment serves as a shock absorber at the time of crisis. The duration of the drag on investment, however, is perplexing. For the nine Asian economies we focus on in this study, average investment/GDP is about 6 percentage points lower during 1998-2012 than its average level in the decade before the crisis; if China and India are excluded, the estimated decline exceeds 9 percent. We document how in the wake of crisis home bias in finance usually increases markedly as public and private sectors look inward when external financing becomes prohibitively costly, altogether impossible, or just plain undesirable from a financial stability perspective. Also, previous studies have not made a connection between the sustained reserve accumulation and the persistent and significantly lower levels of investment in the region. Put differently, 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, driven importantly by increased ?liability? home bias in finance and by official capital outflows. We present evidence from Asia to support this interpretation. |
| 主题 | International Macroeconomics |
| URL | https://cepr.org/publications/dp9764 |
| 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/538600 |
| 推荐引用方式 GB/T 7714 | Carmen Reinhart,Takeshi Tashiro. DP9764 Crowding Out Redefined: The Role of Reserve Accumulation. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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