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dc.contributor.authorAizenman, Joshuaen_US
dc.contributor.authorJinjarak, Yothinen_US
dc.contributor.authorPark, Donghyunen_US
dc.date.accessioned2010-03-22en_US
dc.date.accessioned2012-09-21T11:55:15Z-
dc.date.available2012-09-21T11:55:15Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/64088-
dc.description.abstractDeveloping Asia experienced a sharp surge in foreign currency reserves prior to the 2008-9 crisis. The global crisis has been associated with an unprecedented rise of swap agreements between central banks of larger economies and their counterparts in smaller economies. We explore whether such swap lines can reduce the need for reserve accumulation. The evidence suggests that there is only a limited scope for swaps to substitute for reserves. The selectivity of the swap lines indicates that only countries with significant trade and financial linkages can expect access to such ad hoc arrangements, on a case by case basis. Moral hazard concerns suggest that the applicability of these arrangements will remain limited. However, deepening swap agreements and regional reserve pooling arrangements may weaken the precautionary motive for reserve accumulation.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 10-03en_US
dc.subject.jelF15en_US
dc.subject.jelF31en_US
dc.subject.jelF32en_US
dc.subject.ddc330en_US
dc.subject.keywordreservesen_US
dc.subject.keywordswapsen_US
dc.subject.keyworddollar standarden_US
dc.subject.keywordAsiaen_US
dc.subject.keywordtrade and financial linkagesen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwWährungsreservenen_US
dc.subject.stwInternationales Abkommenen_US
dc.subject.stwSwapen_US
dc.subject.stwAsienen_US
dc.titleInternational reserves and swap lines: Substitutes or complements?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn621690163en_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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