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Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Bank of Canada Staff Working Paper No. 2019-43
Verlag: 
Bank of Canada, Ottawa
Zusammenfassung: 
This paper proposes a theory of foreign reserves as macroprudential policy. We study an open-economy model of financial crises in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient allocation. The optimal reserve accumulation policy leans against the wind and significantly reduces the exposure to financial crises. The theory is consistent with the joint dynamics of private and official capital flows, both over time and in the cross-section, and can quantitatively account for the recent upward trend in international reserves.
Schlagwörter: 
Balance of payment and components
Financial system regulation andpolicies
Financial stability
Foreign reserve management
International financial markets
JEL: 
D52
D62
F34
F38
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Dokumentart: 
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