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Precaution Versus Mercantilism : Reserve Accumulation, Capital Controls, and the Real Exchange Rate
Choi, Woo Jin - 2017
We document a new international stylized fact describing the relationship between real exchange rates and external asset holdings. Economists have long argued that the real exchange rate is associated with the net international investment position, appreciating as external wealth increases. This...
Persistent link: https://www.econbiz.de/10012455340
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Financial Crises, Credit Booms, and External Imbalances : 140 Years of Lessons
Jordà, Òscar - 2010
Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed …
Persistent link: https://www.econbiz.de/10012462090
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Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008
Obstfeld, Maurice - 2009
In this paper we connect the events of the last twelve months, "The Panic of 2008" as it has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank's desire to backstop the broad money supply...
Persistent link: https://www.econbiz.de/10012463821
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A Century of Current Account Dynamics
Taylor, Alan M. - 2002
Recent globalization trends have refocused attention on the historical evolution of international capital mobility over the long run. The issue is examined here using time-series analysis of current-account dynamics for fifteen countries since circa 1850. The inter-war period emerges as an era...
Persistent link: https://www.econbiz.de/10012469787
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The Future of International Liquidity and the Role of China
Taylor, Alan M. - 2013
and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments …' precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system …, another re-run of the Triffin paradox, with an ever-growing emerging-world insurance demand loaded onto a small group of ever …
Persistent link: https://www.econbiz.de/10012459889
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External Imbalances and Financial Crises
Taylor, Alan M. - 2012
In broad perspective, there have been essentially two competing views of the global financial crisis, albeit there are some complementarities among them. One view looks across the border: it mainly blames external imbalances, the large-scale mix of unprecedented pattern current account deficits...
Persistent link: https://www.econbiz.de/10012460056