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dc.contributor.authorCheung, Yin-Wongen
dc.contributor.authorQian, Xingwangen
dc.date.accessioned2007-07-27-
dc.date.accessioned2009-07-28T08:16:03Z-
dc.date.available2009-07-28T08:16:03Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/26110-
dc.description.abstractMotivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup's 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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2065en
dc.subject.jelF3en
dc.subject.jelF4en
dc.subject.ddc330en
dc.subject.stwWährungsreservenen
dc.subject.stwNachfrageen
dc.subject.stwKonsuminterdependenzen
dc.subject.stwDevisenspekulationen
dc.subject.stwWirtschaftswachstumen
dc.subject.stwSchätzungen
dc.subject.stwWelten
dc.subject.stwOstasienen
dc.titleHoarding of international reserves: Mrs Machlup's wardrobe and the joneses-
dc.typeWorking Paperen
dc.identifier.ppn538350024en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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