| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29303 |
| 来源ID | Working Paper 29303 |
| International Reserve Management and Firm Investment in Emerging Market Economies | |
| Joshua Aizenman; Yin-Wong Cheung; Xingwang Qian | |
| 发表日期 | 2021-09-27 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We examine the effects of active international reserve management (IRM) conducted by central banks of emerging market economies (EMEs) on firm investment in the presence of global financial shocks. Using firm level data from 46 EMEs from 2000 to 2018, we document four findings. First, active IRM is identified to affect firm investment positively. The effect strengthens with the magnitude of adverse external financial shocks. Second, financially constrained firms, compared to unconstrained ones, are less responsive to active IRM. Third, we quantify the causal effect of IRM on firm investment and find that 30% of it is mediated through the country spread channel. Fourth, capital controls and exchange rate management complement the IRM. It is beneficial to form a macro-management mix that includes active IRM to safeguard firm investment against global financial shocks. Further, our analysis on the country-level data affirms a significant Granger causal effect of the IRM on investment at the macroeconomic level. |
| 主题 | International Economics ; International Finance ; International Macroeconomics ; Globalization and International Relations ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w29303 |
| 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/586977 |
| 推荐引用方式 GB/T 7714 | Joshua Aizenman,Yin-Wong Cheung,Xingwang Qian. International Reserve Management and Firm Investment in Emerging Market Economies. 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 | ||
| w29303.pdf（720KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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