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dc.contributor.authorCheung, Yin-Wongen_US
dc.contributor.authorQian, Xingwangen_US
dc.date.accessioned2007-07-27en_US
dc.date.accessioned2009-07-28T08:16:03Z-
dc.date.available2009-07-28T08:16:03Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/26110-
dc.description.abstractMotivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup’s wardrobe hypothesis and the related keeping up with the Joneses argument. It is conceived that, in addition to psychological reasons, holding a relatively high level of international reserves reduces the vulnerability to speculative attacks and promotes growth. A stylized model is constructed to illustrate this type of hoarding behavior. The relevance of the keeping up with the Joneses effect is examined using a few plausible empirical specifications and data from 10 East Asian economies. Panel-based regression results are suggestive of the presence of the Joneses effect; especially in the post-1997 crisis period. Individual economy estimation results, however, show that the Joneses effect varies across economies.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2065en_US
dc.subject.jelF3en_US
dc.subject.jelF4en_US
dc.subject.ddc330en_US
dc.subject.stwWährungsreservenen_US
dc.subject.stwNachfrageen_US
dc.subject.stwKonsuminterdependenzen_US
dc.subject.stwDevisenspekulationen_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwSchätzungen_US
dc.subject.stwWelten_US
dc.subject.stwOstasienen_US
dc.titleHoarding of international reserves: Mrs Machlup's wardrobe and the jonesesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn538350024en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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