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|z 9781475571295
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|a 1018-5941
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|a Bianchi, Javier.
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|a International Reserves and Rollover Risk /
|c Javier Bianchi, Juan Carlos Hatchondo, Leonardo Martinez.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2013.
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|a 1 online resource (40 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 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.
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|a Mode of access: Internet
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|a Hatchondo, Juan Carlos.
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|a Martinez, Leonardo.
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|a IMF Working Papers; Working Paper ;
|v No. 2013/033
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| 856 |
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|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
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