| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13952 |
| DP13952 A Macroprudential Theory of Foreign Reserve Accumulation | |
| Fernando Arce; Julien Bengui; Javier Bianchi | |
| 发表日期 | 2019-08-23 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper proposes a theory of foreign reserves as macroprudential policy. We study an open economy model of financial crises, in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient allocation. The optimal reserve accumulation policy leans against the wind and significantly reduces the exposure to financial crises. The theory is consistent with the joint dynamics of private and official capital flows, both over time and in the cross section, and can quantitatively account for the recent upward trend in international reserves. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Macroprudential policy International reserves Financial crises |
| URL | https://cepr.org/publications/dp13952 |
| 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/542833 |
| 推荐引用方式 GB/T 7714 | Fernando Arce,Julien Bengui,Javier Bianchi. DP13952 A Macroprudential Theory of Foreign Reserve Accumulation. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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