| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13123 |
| 来源ID | Working Paper 13123 |
| Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism | |
| Ceyhun Bora Durdu; Enrique G. Mendoza; Marco E. Terrones | |
| 发表日期 | 2007-05-24 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops since the mid 1990s. Foreign reserves grew very rapidly during this period, and hence it is often argued that we live in the era of a New Merchantilism in which large stocks of reserves are a war-chest for defense against Sudden Stops. We conduct a quantitative assessment of this argument using a stochastic intertemporal equilibrium framework with incomplete asset markets in which precautionary saving affects foreign assets via three mechanisms: business cycle volatility, financial globalization, and Sudden Stop risk. In this framework, Sudden Stops are an equilibrium outcome produced by an endogenous credit constraint that triggers Irving Fisher's debt-deflation mechanism. Our results show that financial globalization and Sudden Stop risk are plausible explanations of the observed surge in reserves but business cycle volatility is not. In fact, business cycle volatility has declined in the post-globalization period. These results hold whether we use the formulation of intertemporal preferences of the Bewley-Aiyagari-Hugget class of precautionary savings models or the Uzawa-Epstein setup with endogenous time preference. |
| 主题 | Microeconomics ; General Equilibrium ; Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w13123 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570791 |
| 推荐引用方式 GB/T 7714 | Ceyhun Bora Durdu,Enrique G. Mendoza,Marco E. Terrones. Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13123.pdf（770KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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