Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/128009
Authors: 
Demarmels, Ricarda
Fischer, Andreas M.
Year of Publication: 
2002
Series/Report no.: 
Working Paper, Study Center Gerzensee 02.02
Abstract: 
In this paper, we examine external, monetary, and structural determinants of crosscountry variation in reserve volatility for 30 emerging market economies from 1973 to 2000. We find that reserve holdings and openness to be the most important determinants of reserve volatility. These results are robust for a range of control variables, including monetary variables, the degree of financial development, and the level of indebtedness. We view these results as establishing interesting stylized facts that may be helpful in evaluating reserve uncertainty as a crisis indicator.
Subjects: 
Reserve Volatility
Emerging Markets
Openness
JEL: 
F31
F33
Document Type: 
Working Paper

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