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dc.contributor.authorAizenman, Joshuaen_US
dc.contributor.authorRiera-Crichton, Danielen_US
dc.date.accessioned2009-07-14en_US
dc.date.accessioned2012-09-21T11:54:04Z-
dc.date.available2012-09-21T11:54:04Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/64043-
dc.description.abstractThis paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange rate (REER). We observe that international reserves cushions the impact of TOT shocks on the REER, and that this effect is important for developing but not for industrial countries. This buffer effect is especially significant for Asian countries, and for countries exporting natural resources. Financial depth reduces the buffer role of IR in developing countries. Developing countries REER seem to be more sensitive to changes in reserve assets; whereas industrial countries display a significant relationship between hot money and REER.en_US
dc.language.isoengen_US
dc.publisherSanta Cruz Inst. for International Economics Santa Cruz, Calif.en_US
dc.relation.ispartofseriesWorking Papers, Santa Cruz Center for International Economics 06-07en_US
dc.subject.jelF15en_US
dc.subject.jelF21en_US
dc.subject.jelF32en_US
dc.subject.jelF36en_US
dc.subject.ddc330en_US
dc.subject.keywordreal exchange rateen_US
dc.subject.keywordterms of tradeen_US
dc.subject.keywordinternational reservesen_US
dc.subject.keywordvolatilityen_US
dc.subject.keywordshock absorberen_US
dc.subject.stwKaufkraftparitäten_US
dc.subject.stwWährungsreservenen_US
dc.subject.stwTerms of Tradeen_US
dc.subject.stwVolatilitäten_US
dc.subject.stwWelten_US
dc.titleReal exchange rate and international reserves in an era of growing financial and trade integrationen_US
dc.typeWorking Paperen_US
dc.identifier.ppn604627483en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Santa Cruz Institute for International Economics, UC Santa Cruz

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