In a number of countries, especially emerging market economies, the public sector has in recent years been accumulating sizeable cross-border financial assets, mainly in the form of official foreign exchange reserves. World reserves have risen from USD 1.2 trillion in January 1995 to above USD 4...

This paper analyses the impact of sovereign wealth funds (SWFs) on global financial markets. It presents back-of-the-envelope calculations which simulate the potential impact of a transfer of traditional foreign exchange reserves to SWFs on global capital flows. If SWFs behave as CAPM-type...

This paper examines whether the level of reserves in emerging market countries has become excessive. It presents a discussion of “adequacy” versus “excessive” levels of reserves, and presents calculations of reserve adequacy for a large number of emerging market countries. Two categories...

The main strength of today’s international monetary system – its flexibility and adaptability to the different needs of its users – can also become its weakness, as it may contribute to unsustainable growth models and imbalances. The global financial crisis has shown that the system cannot...

The dissertation includes four studies broadly connected to the causes and consequences of the Global Financial Crisis of 2007-8 from a political economy perspective. Following the intro-duction, Chapter 2 analyzes the political roots of massive foreign reserves accumulation, which has...

Some economies in East Asia have built up large amounts of foreign exchange reserves in the past decades. Holding large amounts of reserves helped these economies to stabilize their macro economy and exchange rates under periods of market stress and rapid shifts in relative economic size....

Bei der vorliegenden Dokumentation handelt es sich um eine Beschreibung der Mannheimer Gründungspanels des ZEW, die vor allem die Identifizierung von Gründungs- und Schließungsereignissen in diesen Datenquellen erläutert und die dabei auftretenden Schwierigkeiten problematisiert....