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来源类型Working Paper
规范类型报告
DOI10.3386/w26236
来源IDWorking Paper 26236
A Macroprudential Theory of Foreign Reserve Accumulation
Fernando Arce; Julien Bengui; Javier Bianchi
发表日期2019-09-09
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Macroeconomics ; International Economics ; International Finance
URLhttps://www.nber.org/papers/w26236
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/583908
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GB/T 7714
Fernando Arce,Julien Bengui,Javier Bianchi. A Macroprudential Theory of Foreign Reserve Accumulation. 2019.
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