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http://hdl.handle.net/10419/64123
  

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dc.contributor.authorZhou, Yanen_US
dc.date.accessioned2009-07-14en_US
dc.date.accessioned2012-09-21T11:55:59Z-
dc.date.available2012-09-21T11:55:59Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/64123-
dc.description.abstractThis paper investigates empirically the relationship between the pattern of fiscal policy and the demand for international reserves in developing countries, and how this relationship is associated with political risk and conditional access to global capital markets. It finds evidence that for developing countries with low political risk, countercyclical (procyclical) fiscal policies are associated with higher (lower) international reserve holdings in economic downturns. The relationship is stronger when the countries with low political risk rely heavily on external financing. For developing countries with high political risk, the link between reserves holdings and fiscal policy pattern is not clear-cut.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 06-18en_US
dc.subject.jelC23en_US
dc.subject.jelE62en_US
dc.subject.jelF34en_US
dc.subject.jelF41en_US
dc.subject.ddc330en_US
dc.subject.keywordinternational reservesen_US
dc.subject.keywordfiscal policyen_US
dc.subject.keywordpolitical risken_US
dc.subject.stwWährungsreservenen_US
dc.subject.stwInternationaler Krediten_US
dc.subject.stwFinanzpolitiken_US
dc.subject.stwInternationaler Finanzmarkten_US
dc.subject.stwLänderrisikoen_US
dc.subject.stwEntwicklungsländeren_US
dc.titleInternational reserves and fiscal policy in developing countriesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn60464065Xen_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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