| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27323 |
| 来源ID | Working Paper 27323 |
| Reserve Accumulation, Macroeconomic Stabilization, and Sovereign Risk | |
| Javier Bianchi; César Sosa-Padilla | |
| 发表日期 | 2020-06-08 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | In the past three decades, governments in emerging markets have accumulated large amounts of international reserves, especially those with fixed exchange rates. This paper proposes a theory of reserve accumulation that can account for these facts. Using a model of endogenous sovereign default with nominal rigidities, we argue that the interaction between sovereign risk and aggregate demand amplification generates a macroeconomic-stabilization hedging role for international reserves. We show that issuing debt to purchase reserves during good times allows the government to stabilize aggregate demand when sovereign spreads rise and rolling over the debt becomes more expensive. We provide empirical evidence consistent with the model’s predictions. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w27323 |
| 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/584994 |
| 推荐引用方式 GB/T 7714 | Javier Bianchi,César Sosa-Padilla. Reserve Accumulation, Macroeconomic Stabilization, and Sovereign Risk. 2020. |
| 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 | ||
| w27323.pdf（1339KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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