Large hoarding of international reserves and the emerging global economic architecture by Joshua Aizenman

Cover of: Large hoarding of international reserves and the emerging global economic architecture | Joshua Aizenman

Published by National Bureau of Economic Research in Cambridge, Mass .

Written in English

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Subjects:

  • Finance -- Developing countries,
  • Fiscal policy -- Developing countries,
  • International finance

Edition Notes

Book details

StatementJoshua Aizenman.
SeriesNBER working paper series -- no. 13277., Working paper series (National Bureau of Economic Research) -- working paper no. 13277.
ContributionsNational Bureau of Economic Research.
The Physical Object
Pagination19 p. :
Number of Pages19
ID Numbers
Open LibraryOL17635152M
OCLC/WorldCa163924713

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Joshua Aizenman, "Large Hoarding Of International Reserves And The Emerging Global Economic Architecture," Manchester School, University of Manchester, vol. 76(5), pagescitation courtesy ofCited by: Large Hoarding of International Reserves and the Emerging Global Economic Architecture Joshua Aizenman NBER Working Paper No.

July JEL No. F02,F1,F15,F31,F32,F33,F36,F4 ABSTRACT This paper analyzes competing interpretations for the large increases in the hoarding of international reserves by developing countries. The emerging financial configuration of developing countries in the aftermath of the s crises has been growing managed exchange rate flexibility, greater monetary independence, and deeper financial integration.

Hoarding international reserves is a key ingredient enhancing the stability of this emerging. Downloadable. The emerging financial configuration of developing countries has been growing managed exchange rate flexibility, greater monetary independence and deeper financial integration.

Hoarding international reserves is a key ingredient enhancing the stability of this emerging configuration. International reserves help by providing self‐insurance; mitigating real exchange rate effects.

Abstract. Managing capital flows and liquidity demand has been a central issue for emerging-market countries. In an era of global imbalances, rapid accumulation of foreign exchang. in the patterns of hoarding international reserves (IR). We confirm that the determinants of IR hoarding evolve with developments in the global economy.

During the pre-GFC period ofgross saving is associated with higher IR in developing and emerging markets. The negative impact of. 4 Aizenman, J. () – Large Hoarding of International Reserves and the Emerging Global Economic Architecture, NBER working paper.

BIS Review / 3. Moreover, precautionary savings may be compounded in emerging economies that are characterised by greater macroeconomic instability.

In addition, when the private sector has. ‘Large Hoarding of International Reserves and the Emerging Global Economic Architecture’, NBER Working Paper Series p. ), will depend upon the vulnerability of the recipient emerging economy (i.e. its current levels of flight, currency and fragility risk).

Large hoarding of international reserves and the emerging global economic architecture, NBER working paper series, no. () Google Scholar Aizenman and Glick, Large hoarding of international reserves and the emerging global economic architecture. Authors: Aizenman, Joshua. Year of Publication: Series/Report no.

Downloadable. This paper analyzes competing interpretations for the large increases in the hoarding of international reserves by developing countries. While the first phase of the rapid hoarding of reserves in the aftermath of the East Asian crisis has been dominated by self insurance against exposure to foreign shocks, the self insurance motive falls short of explaining the hoarding in Asia.

Large Hoarding of International Reserves and the Emerging Global Economic Architecture. Joshua Aizenman (). NoNBER Working Papers from National Bureau of Economic Research, Inc Abstract: This paper analyzes competing interpretations for the large increases in the hoarding of international reserves by developing countries.

While the first phase of the rapid hoarding of reserves. “Large hoarding of international reserves and the emerging global economic architecture”, forthcoming, The Manchester School. Google Scholar Aizenman, J. and J. Lee (). Request PDF | Large Hoarding of Large hoarding of international reserves and the emerging global economic architecture book Reserves Accumulation in Emerging Global Economic Architecture | The emerging financial configuration of developing countries has been growing managed Author: Joshua Aizenman.

"Large hoarding of international reserves and the emerging global economic architecture", JulyKeynote address, The Manchester School, pp.

"Financial versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding", with Jaewoo Lee. The World Economy. Get this from a library. Large hoarding of international reserves and the emerging global economic architecture.

[Joshua Aizenman; National Bureau of Economic Research.] -- This paper analyzes competing interpretations for the large increases in the hoarding of international reserves by developing countries. While the first phase of the rapid hoarding of reserves in the.

The emerging financial configuration of developing countries has been growing managed exchange rate flexibility, greater monetary independence and deeper financial integration. Hoarding international reserves is a key ingredient enhancing the stability of this emerging configuration.

The emerging of a new global architecture. zThe emerging decentralized global architecture is manifested in the proliferation of decentralized and less cooperative arrangements. zLarge hoarding of international reserves by developing countries – self insurance, no central role for the IFIs.

zManaged flexibility of the exchange rate – no. Aizenman, J. Large Hoarding of International Reserves and the Emerging Global Economic Architecture, NBER Working Paper Series Aizenman, J., & Marion, N. The high demand for international reserves in the Far East: What’s going on?, Journal of the Japanese and International Econom Aizenman, J.

Large hoarding of international reserves and the emerging global economic architecture. NBER working paper No. Google Scholar. Global prudential regulation, regulatory arbitrage, fear of losing international reserves, swap lines.

* The first article (pages 1- 8) is forthcoming at the Harvard International Review, The second article, (pages 9- 17) is forthcoming at the quarterly journal Central Banking, of hoarding international reserves (IR).

We confirm that the determinants of IR hoarding evolve with developments in the global economy. During the pre-GFC period ofgross saving is associated with higher IR in developing and emerging markets.

The. We evaluate the impact of the global financial crisis (GFC) and recent structural changes in the patterns of hoarding international reserves (IR).

We confirm that the determinants of IR hoarding evolve with developments in the global economy. An old yet rarely explored motive of hoarding international reserves advanced by Machlup () is examined. Large Hoarding of International Reserves Accumulation in Emerging Global Economic.

; Aizenman, Joshua (): Large hoarding of international reserves and the emerging global economic architecture, Working Papers No. Santa Cruz Center for International Economics.

Large Hoarding of International Reserves and the Emerging Global Economic Architecture”, NBER Working Paper No. by Joshua Aizenman, Joshua Aizenman. Large Hoarding of International Reserves and the Emerging Global Economic Architecture”, ().

Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance”, To submit an update or takedown request for this paper, please submit an Update. 10 an,R Glick: Large Hoarding Of International Reserves & the Emerging Global Economic Architecture () 11 Preqin Special Report: Sovereign Wealth Funds, August 12 NBIM website, October 13 UN Environment: The Role of SWFs for Green Investments, December developed economies – the United States, Europe.

In the aftermath of the global financial crisis new patterns of reserve hoarding have emerged. This column identifies structural changes in international reserve accumulation. Emerging markets with higher savings rates tend to use higher buffers of reserves, partially accounting for the higher levels of reserves in east Asia compared to Latin America.

Large hoarding of international reserves and the emerging global economic architecture, (). Large hoardings of international reserves: are they worthy?, Central Bank of Chile Working Papers, (). Lessons from the East Asian NICS: a contrary view.

Views on appropriate adequacy metrics have also changed. Global foreign currency reserves grew markedly after the Asian financial crisis of the late s, with emerging markets accumulating large reserves to self-insure against potential shocks. In some cases, the growth in reserves was a by-product of export-led growth strategies.

economies into the global economy is successful. By a “successful” inte-gration, I mean one where the emerging economies are able to sustain a healthy rate of economic growth, maintain good access to the large mar-kets in the industrial world, and reduce the frequency and severity of.

This paper details the evolution of foreign exchange assets in different parts of the developing world, the relative importance of the current vs. the capital accounts as the source of those assets, and discusses some categorizations of sovereign wealth funds (SWFs).

Then, it briefly reviews the literature on the determinants of reserve accumulation in developing countries. Large Hoarding of International Reserves and the Emerging Global Economic Architecture. NBER Working Paper, n.

July. The Optimal Level of International Reserves for Emerging Market Countries: a New Formula and Some Applications. Johns Hopkins University. Large hoarding of international reserves and the emerging global economic architecture.

Working Paper No.National Bureau of Economic Research. Lucas Assuncao and ZhongXiang Zhang Domestic climate change policies and the WTO (). Large Hoarding of International Reserves and the Emerging Global Economic Architecture NBER Working Papers, National Bureau of Economic Research, Inc View citations (22) See also Journal Article in Manchester School () Prizes for Basic Research -- Human Capital, Economic Might and the Shadow of History.

Part of this task falls to individual countries. But the international community also has a role to play by working together to deal with the cross-border issues. By strengthening the multilateral system, we can safeguard the global economy and ensure strong, stable, and inclusive growth.

Thank you very much for allowing me to speak this morning. Aizenman, J. “Large Hoarding of International Reserves and the Emerging Global Economic Architecture.” NBER Working Paper Buiter, W. “Taming Sovereign Wealth Funds in Two Easy Steps.” Maverecon – Willem Buiter’s Blog, July Economist.

“Fear of Foreigners.” August 14 (online only). Jen, S. Joshua Aizenman Names first: Joshua: last: Aizenman: Contact. Large hoarding of international reserves and the emerging global economic architecture. Monetary Policy Rules and the US Business Cycles: Evidence and Implications.

IMF Working paper, (). Overview of Infrastructure Financing in ASEAN. in global economic realities and in economic thought (Benassy-Quere and Pisani-Ferry, ).

Throughout this whole period, there has been a continuous search for an effective nominal anchor. In the process, the binding rules that marked its passage through the gold standard and the Bretton Woods regimes have fallen by the wayside. The gold standard. As a result, the very political alliances long accepted as status quo will change with this shift, heralding a new, global consensus.

The old economic assumptions and financial architecture .The chapter outlines the debate about desirable adjustment of Emerging markets during the first phase of the on-going crisis. It also discusses the experience of the Republic of Korea — a prime example of a country that opted for deeper financial integration in aftermath of the crisis, buffered with large hoarding of international.

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