Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/64086
Authors: 
Aizenman, Joshua
Glick, Reuven
Year of Publication: 
2008
Series/Report no.: 
Working Papers, Santa Cruz Center for International Economics 08-01
Abstract: 
This paper investigates the changing pattern and efficacy of sterilization within emerging market countries as they liberalize markets and integrate with the world economy. We estimate the marginal propensity to sterilize foreign asset accumulation associated with net balance of payments inflows, across countries and over time. We find that the extent of sterilization of foreign reserve inflows has risen in recent years to varying degrees in Asia as well as in Latin America, consistent with greater concerns about the potential inflationary impact of reserve inflows. We also find that sterilization depends on the composition of balance of payments inflows.
Subjects: 
foreign reserves
international reserves
sterilization
global financial integration
JEL: 
F15
F21
F31
Document Type: 
Working Paper

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