Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/109308
Authors: 
Park, Donghyun
Year of Publication: 
2007
Series/Report no.: 
ERD Working Paper Series 109
Abstract: 
Dong Hyun Park finds evidence strongly supportive of popular opinion that developing Asia should manage its foreign exchange reserves more actively. The analysis indicates that, contrary to popular opinion, the region's reserves are not a free fiscal asset but the income from investing them represents a fiscal dividend for the region's governments. This and other factors suggest that the first-best use of the region's reserves is to invest them abroad to maximize risk-adjusted returns. The resulting expansion of fiscal space will help the region's governments tackle the huge long-term developmental challenges still facing the region
Persistent Identifier of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by/3.0/igo
Document Type: 
Working Paper

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