| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28973 |
| 来源ID | Working Paper 28973 |
| Does It Matter How Central Banks Accumulate Reserves? Evidence from Sovereign Spreads | |
| César Sosa-Padilla; Federico Sturzenegger | |
| 发表日期 | 2021-06-28 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | There has been substantial research on the benefits of accumulating foreign reserves, but less on the relative merits of how these reserves are accumulated. In this paper we explore whether the form of accumulation affects country risk. We first present a model of endogenous sovereign debt defaults, where we show that reserve accumulation through the issuance of debt contingent on local output reduces spreads in a way that reserve accumulation with foreign borrowing does not. We confirm this model prediction when taking the theory to the data. These results suggest that attention should be placed on the way reserves are accumulated, a distinction that has important practical implications. In particular, our results call into question the benefits of programs of reserves strengthening through external debt such as those typically implemented by multilateral organizations. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w28973 |
| 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/586647 |
| 推荐引用方式 GB/T 7714 | César Sosa-Padilla,Federico Sturzenegger. Does It Matter How Central Banks Accumulate Reserves? Evidence from Sovereign Spreads. 2021. |
| 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 | ||
| w28973.pdf（886KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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