Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/64088 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorAizenman, Joshuaen
dc.contributor.authorJinjarak, Yothinen
dc.contributor.authorPark, Donghyunen
dc.date.accessioned2010-03-22-
dc.date.accessioned2012-09-21T11:55:15Z-
dc.date.available2012-09-21T11:55:15Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/64088-
dc.description.abstractDeveloping Asia experienced a sharp surge in foreign currency reserves prior to the 2008-9 crisis. The global crisis has been associated with an unprecedented rise of swap agreements between central banks of larger economies and their counterparts in smaller economies. We explore whether such swap lines can reduce the need for reserve accumulation. The evidence suggests that there is only a limited scope for swaps to substitute for reserves. The selectivity of the swap lines indicates that only countries with significant trade and financial linkages can expect access to such ad hoc arrangements, on a case by case basis. Moral hazard concerns suggest that the applicability of these arrangements will remain limited. However, deepening swap agreements and regional reserve pooling arrangements may weaken the precautionary motive for reserve accumulation.en
dc.language.isoengen
dc.publisher|aUniversity of California, Santa Cruz Institute for International Economics (SCIIE) |cSanta Cruz, CAen
dc.relation.ispartofseries|aWorking Paper |x10-03en
dc.subject.jelF15en
dc.subject.jelF31en
dc.subject.jelF32en
dc.subject.ddc330en
dc.subject.keywordreservesen
dc.subject.keywordswapsen
dc.subject.keyworddollar standarden
dc.subject.keywordAsiaen
dc.subject.keywordtrade and financial linkagesen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwWährungsreservenen
dc.subject.stwInternationales Abkommenen
dc.subject.stwSwapen
dc.subject.stwAsienen
dc.titleInternational reserves and swap lines: Substitutes or complements?-
dc.typeWorking Paperen
dc.identifier.ppn621690163en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Datei(en):
Datei
Größe
326.66 kB





Publikationen in EconStor sind urheberrechtlich geschützt.