|
|
|
|
LEADER |
01876cas a2200265 a 4500 |
001 |
AALejournalIMF013346 |
008 |
230101c9999 xx r poo 0 0eng d |
020 |
|
|
|c 5.00 USD
|
020 |
|
|
|z 9781475571295
|
022 |
|
|
|a 1018-5941
|
040 |
|
|
|a BD-DhAAL
|c BD-DhAAL
|
100 |
1 |
|
|a Bianchi, Javier.
|
245 |
1 |
0 |
|a International Reserves and Rollover Risk /
|c Javier Bianchi, Juan Carlos Hatchondo, Leonardo Martinez.
|
264 |
|
1 |
|a Washington, D.C. :
|b International Monetary Fund,
|c 2013.
|
300 |
|
|
|a 1 online resource (40 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 Two striking facts about international capital flows in emerging economies motivate this paper: (1) Governments hold large amounts of international reserves, for which they obtain a return lower than their borrowing cost. (2) Purchases of domestic assets by nonresidents and purchases of foreign assets by residents are both procyclical and collapse during crises. We propose a dynamic model of endogenous default that can account for these facts. The government faces a trade-off between the benefits of keeping reserves as a buffer against rollover risk and the cost of having larger gross debt positions. Long-duration bonds, the countercyclical default premium, and sudden stops are important for the quantitative success of the model.
|
538 |
|
|
|a Mode of access: Internet
|
700 |
1 |
|
|a Hatchondo, Juan Carlos.
|
700 |
1 |
|
|a Martinez, Leonardo.
|
830 |
|
0 |
|a IMF Working Papers; Working Paper ;
|v No. 2013/033
|
856 |
4 |
0 |
|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2013/033/001.2013.issue-033-en.xml
|z IMF e-Library
|