کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
964600 930566 2014 31 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Accounting for emerging market countries' international reserves: Are Pacific Rim countries different?
ترجمه فارسی عنوان
حسابداری برای ذخایر بین المللی کشورهای در حال ظهور: کشورهای اقیانوس آرام متفاوت هستند؟
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


• We compare demand for reserves determinants of Pacific Rim countries and their peers.
• RIMs hold more reserves overall, but fewer reserves for capital account shocks.
• RIMs hold more reserves for current account shocks.
• Mercantilism more important for RIMs but explains small share of recent reserve rise.
• Shifting motives for holding reserves across time and the reserves' distribution.

Popular perception is that emerging market economies (EMEs), and Asian Pacific Rim countries—China, Indonesia, Korea, Malaysia, Philippines, Thailand, and Vietnam (RIMs)—in particular, have been rapidly accumulating reserves, perhaps beyond what is justified by precautionary motives. This paper compares and contrasts the determinants of the demand for international reserves in the RIM countries with other EMEs over the last three decades, based on current and capital account risks, mercantilism, and other motives. Our findings suggest that the motives for holding reserves has shifted from insurance against current account shocks (mostly in the 1980s) to insurance against capital account shocks (in the 1990s) and as the by-product of possible mercantilism (in the 2000s). We also find some differences between country groups: RIM countries tend to hold more reserves against current account vulnerabilities and fewer reserves against capital account vulnerabilities, but more reserves overall. There is also greater evidence of mercantilist motives being at play for RIM countries, though this motive accounts for only a small fraction of the rise in reserve holdings in recent years, peaking in 2004 and declining thereafter.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 49, Part A, December 2014, Pages 52–82
نویسندگان
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