|
EconStor >
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/26110
|
| | |
Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Cheung, Yin-Wong | | en_US |
| dc.contributor.author | | Qian, Xingwang | | en_US |
| dc.date.accessioned | | 2007-07-27 | | en_US |
| dc.date.accessioned | | 2009-07-28T08:16:03Z | | - |
| dc.date.available | | 2009-07-28T08:16:03Z | | - |
| dc.date.issued | | 2007 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/26110 | | - |
| dc.description.abstract | | Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlups 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.iso | | eng | | en_US |
| dc.publisher | | CESifo München | | en_US |
| dc.relation.ispartofseries | | CESifo working paper 2065 | | en_US |
| dc.subject.jel | | F3 | | en_US |
| dc.subject.jel | | F4 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.stw | | Währungsreserven | | en_US |
| dc.subject.stw | | Nachfrage | | en_US |
| dc.subject.stw | | Konsuminterdependenz | | en_US |
| dc.subject.stw | | Devisenspekulation | | en_US |
| dc.subject.stw | | Wirtschaftswachstum | | en_US |
| dc.subject.stw | | Schätzung | | en_US |
| dc.subject.stw | | Welt | | en_US |
| dc.subject.stw | | Ostasien | | en_US |
| dc.title | | Hoarding of international reserves: Mrs Machlup's wardrobe and the joneses | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 538350024 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|