| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16260 |
| 来源ID | Working Paper 16260 |
| Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss During the 2008-09 Crisis | |
| Joshua Aizenman; Michael M. Hutchison | |
| 发表日期 | 2010-09-02 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper evaluates how the global financial crisis emanating from the U.S. was transmitted to emerging markets. Our focus is on the extent that the crisis caused external market pressures (EMP), and whether the absorption of the shock was mainly through exchange rate depreciation or the loss of international reserves. Controlling for variety of factors associated with EMP, we find clear evidence that emerging markets with higher total foreign liabilities, including short- and long-term debt, equities, FDI and derivative products--had greater exposure and were much more vulnerable to the financial crisis. Countries with large balance sheet exposure -- high external portfolio liabilities exceeding international reserves--absorbed the global shock by allowing greater exchange rate depreciation and comparatively less reserve loss. Despite the remarkable buildup of international reserves by emerging markets during the period prior to the financial crisis, countries relied primarily on exchange rate depreciation rather than reserve loss to absorb most of the exchange market pressure shock. This could reflect a deliberate choice ("fear of reserve loss" or competitive depreciations) or market actions that caused very rapid exchange rate adjustment, especially in emerging markets with open capital markets, overwhelming policy actions. |
| 主题 | International Economics ; Trade ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w16260 |
| 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/573996 |
| 推荐引用方式 GB/T 7714 | Joshua Aizenman,Michael M. Hutchison. Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss During the 2008-09 Crisis. 2010. |
| 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 | ||
| w16260.pdf（188KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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