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|z 9781451862171
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|a 1018-5941
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|a Aizenman, Joshua.
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|a International Reserves :
|b Precautionary vs. Mercantilist Views, Theory and Evidence /
|c Joshua Aizenman, Jaewoo Lee.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2005.
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|a 1 online resource (30 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries. Overall, empirical results support precautionary motives; in particular, a more liberal capital account regime increases international reserves. Theoretically, large precautionary demand for international reserves arises as a self-insurance to avoid costly liquidation of long-term projects when the economy is susceptible to sudden stops. The welfare gain from the optimal management of international reserves is of a first-order magnitude, reducing the welfare cost of liquidity shocks from a first-order to a second-order magnitude.
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|a Mode of access: Internet
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|a Lee, Jaewoo.
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|a IMF Working Papers; Working Paper ;
|v No. 2005/198
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2005/198/001.2005.issue-198-en.xml
|z IMF e-Library
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