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The financial trilemma in China and a comparative analysis with India

Aizenman, Joshua; Sengupta, Rajeswari - Volkswirtschaftliche Fakultät, … - 2011

, exchange rate stability and financial integration subject to the constraints imposed by the Trilemma, in an era of widespread … globalization. In this paper we overview and contrast the Trilemma policy choices and tradeoffs faced by the two key drivers of … global economic growth-China and India. China’s Trilemma configurations are unique relative to other emerging markets in the …

Persistent link: https://www.econbiz.de/10010556944

How central banks prepare for financial crises – An empirical analysis of the effects of crises and globalisation on international reserves

Steiner, Andreas - In: Journal of International Money and Finance 33 (2013) C, pp. 208-234

Central banks' international reserve holdings have increased significantly in the recent past. While traditional models fail to explain this accumulation of reserves, the more recent literature argues that reserves are used as a lifejacket against financial crises. However, research so far has...

Persistent link: https://www.econbiz.de/10010636245

Catching Up by "Deglobalizing" : Capital Account Policy and Economic Growth

Bergin, Paul R.; Choi, Woo Jin; Pyun, Ju Hyun - National Bureau of Economic Research - 2023

While substantial empirical research has evaluated the question of whether capital account openness promotes economic growth, this paper finds empirical evidence for cases where the opposite is true--that a policy of capital controls can promote economic growth, when combined with a policy of...

Persistent link: https://www.econbiz.de/10014226141

Postponing Global Adjustment : An Analysis of the Pending Adjustment of Global Imbalances

Truman, Edwin M. - 2005

Halving the US current account deficit as a share of GDP is likely to impose a burden of $2,350 per capita on the United States, which explains why US policymakers want to postpone adjustment. The rest of the world relies on the economic stimulus of a widening US external deficit, which explains...

Persistent link: https://www.econbiz.de/10014063503

Economics of Intellectual Capital (6) : Global Reserve Assets as a Solution to the Monetary Trilemma under Intertemporal Trade

Ziesemann, Cyndia - 2023

a solution to the monetary trilemma with which the central bank can perform its monetary policy independently of foreign …

Persistent link: https://www.econbiz.de/10014346507

Optimally Controlled Long-Term Stability : Bond Financed Reserves in a Small Open Economy

Lee, Jeo - 2010

This paper is concerned with international reserves where the accumulation of reserves is financed by public debt. Optimally controlled paths are used to illustrate the possibility of long term instability in a small macroeconomic system. The results indicate that reserve accumulation financed...

Persistent link: https://www.econbiz.de/10013141652

Foreign Exchange Reserve Accumulation in Emerging Markets : What are the Domestic Implications?

Mohanty, Madhusudan S. - 2013

This paper discusses some of the domestic implications of the recent large-scale use of foreign exchange intervention by emerging market economies to resist currency appreciation. Over the past five years, many countries have adopted an accommodating monetary policy while intervening. Despite...

Persistent link: https://www.econbiz.de/10013094590

The Determinants of International Reserves in the Emerging Countries: a Non-Linear Approach

Delatte, Anne-Laure; Fouquau, Julien - Volkswirtschaftliche Fakultät, … - 2009

In this paper we adopt a non linear approach to examine the dynamics of the international reserves holdings by the emerging economies. To do so, we estimate the demand for international reserves with a panel smooth transition model, that loosens two restricting hypotheses, homogeneity and...

Persistent link: https://www.econbiz.de/10005011954

Zone-quadratic preference, asymmetry and international reserve accretion in India: An empirical investigation

Srinivasan, Naveen; Kumar, Sudhanshu - In: Journal of International Financial Markets, … 22 (2012) 2, pp. 253-263

Empirical estimates of the Reserve Bank of India's (RBI) intervention reaction function suggest that the central bank actively intervenes in the foreign exchange market to contain volatility but this intervention is neither continuous nor linear. It is better described by a nonlinear policy...

Persistent link: https://www.econbiz.de/10010572116

International Reserves: Facing Model Uncertainty

Benecka, Sona; Komarek, Lubos - Česká Národní Banka - 2014

The abundant literature on the competing motives for holding international reserves stresses different factors, giving rise to a problem called model uncertainty. In this paper we search for the most important determinants of reserve holdings using data for 104 countries in 1999â€“2010 and...

Persistent link: https://www.econbiz.de/10011156777