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http://hdl.handle.net/10419/64103
  

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dc.contributor.authorAizenman, Joshuaen_US
dc.date.accessioned2009-07-14en_US
dc.date.accessioned2012-09-21T11:55:30Z-
dc.date.available2012-09-21T11:55:30Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/64103-
dc.description.abstractThe paper assesses the costs and benefits of active international reserve management (IRM), shedding light on the question of how intense should IRM be for an emerging market. In principle, an active IRM strategy could lower real exchange rate volatility induced by terms of trade shocks; provide self insurance against sudden stops; reduce the speed of adjustment of the current account; and even allow for higher growth if it fosters exports (mercantilist” motive). The message of the report is mixed management of reserves is not a panacea. The mercantilist case for hoarding international reserves, as an ingredient of an export led growth strategy, is dubious. Done properly, IRM augments macro economic management in turbulent times, mitigating the impact of external adverse shocks and allowing for a smoother current account adjustment. These benefits are especially important for commodity exporting countries, and countries with limited financial development.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 06-16en_US
dc.subject.ddc330en_US
dc.subject.stwWährungsreservenen_US
dc.subject.stwWährungsmanagementen_US
dc.subject.stwZahlungsbilanzen_US
dc.subject.stwExportinduziertes Wachstumen_US
dc.subject.stwAufstrebende Märkteen_US
dc.titleInternational reserves management and the current accounten_US
dc.typeWorking Paperen_US
dc.identifier.ppn604639783en_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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