Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/64103 
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dc.contributor.authorAizenman, Joshuaen
dc.date.accessioned2009-07-14-
dc.date.accessioned2012-09-21T11:55:30Z-
dc.date.available2012-09-21T11:55:30Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/64103-
dc.description.abstractThe paper assesses the costs and benefits of active international reserve management (IRM), shedding light on the question of how intense should IRM be for an emerging market. In principle, an active IRM strategy could lower real exchange rate volatility induced by terms of trade shocks; provide self insurance against sudden stops; reduce the speed of adjustment of the current account; and even allow for higher growth if it fosters exports (mercantilist” motive). The message of the report is mixed management of reserves is not a panacea. The mercantilist case for hoarding international reserves, as an ingredient of an export led growth strategy, is dubious. Done properly, IRM augments macro economic management in turbulent times, mitigating the impact of external adverse shocks and allowing for a smoother current account adjustment. These benefits are especially important for commodity exporting countries, and countries with limited financial development.en
dc.language.isoengen
dc.publisher|aUniversity of California, Santa Cruz Institute for International Economics (SCIIE) |cSanta Cruz, CAen
dc.relation.ispartofseries|aWorking Paper |x06-16en
dc.subject.ddc330en
dc.subject.stwWährungsreservenen
dc.subject.stwWährungsmanagementen
dc.subject.stwZahlungsbilanzen
dc.subject.stwExportinduziertes Wachstumen
dc.subject.stwAufstrebende Märkteen
dc.titleInternational reserves management and the current account-
dc.typeWorking Paperen
dc.identifier.ppn604639783en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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