| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14217 |
| 来源ID | Working Paper 14217 |
| Financial Stability, the Trilemma, and International Reserves | |
| Maurice Obstfeld; Jay C. Shambaugh; Alan M. Taylor | |
| 发表日期 | 2008-08-14 |
| 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 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; International Economics ; International Factor Mobility ; International Finance ; International Macroeconomics ; History ; Macroeconomic History ; Development and Growth |
| URL | https://www.nber.org/papers/w14217 |
| 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/571891 |
| 推荐引用方式 GB/T 7714 | Maurice Obstfeld,Jay C. Shambaugh,Alan M. Taylor. Financial Stability, the Trilemma, and International Reserves. 2008. |
| 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 | ||
| w14217.pdf（1097KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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