Capital Flows, Financial Integration, and International Reserve Holdings : The Recent Experience of Emerging Markets and Advanced Economies /

This paper examines the interaction between capital flows and international reserve holdings in the context of increasing financial integration. For emerging markets the sensitivity of reserves to net capital flows was negative in the 1980s, but became positive after the Asian crisis when these coun...

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Autore principale: Sharma, Sunil
Altri autori: Choi, Woon, Stromqvist, Maria
Natura: Periodico
Lingua:English
Pubblicazione: Washington, D.C. : International Monetary Fund, 2007.
Serie:IMF Working Papers; Working Paper ; No. 2007/151
Accesso online:Full text available on IMF
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100 1 |a Sharma, Sunil. 
245 1 0 |a Capital Flows, Financial Integration, and International Reserve Holdings :   |b The Recent Experience of Emerging Markets and Advanced Economies /  |c Sunil Sharma, Woon Choi, Maria Stromqvist. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2007. 
300 |a 1 online resource (36 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper examines the interaction between capital flows and international reserve holdings in the context of increasing financial integration. For emerging markets the sensitivity of reserves to net capital flows was negative in the 1980s, but became positive after the Asian crisis when these countries used net capital flows to build up reserves. For advanced countries, net capital flows had a negative effect on reserves, especially in recent years. Using measures of financial globalization, we also provide evidence that the sensitivity of reserves to net capital flows increased with globalization for emerging markets while it decreased for advanced countries. 
538 |a Mode of access: Internet 
700 1 |a Choi, Woon. 
700 1 |a Stromqvist, Maria. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2007/151 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2007/151/001.2007.issue-151-en.xml  |z IMF e-Library