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Monetary Policy and International Reserves in Emerging Economies: Theory and Empirics

In: Emerging Markets and Sovereign Risk

Author

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  • Prakash Kumar Shrestha
  • Willi Semmler

Abstract

One striking feature following the Asian economic crisis of 1997 is that many emerging economies have built up a large stock of international reserves (Aizenman & Marion, 2003; Aizenman & Lee, 2007; IMF, 2010). This reflects an important fact that sound macroeconomic management with low inflation may not insulate an economy from the likely adverse impact of volatile capital flows in the current international monetary system. The international monetary system has been observing global imbalances and unpredictable, volatile cross-border capital flows (IMF, 2010). A sharp accumulation of international reserves in many emerging countries in response to this has generated widespread concern among both policy makers and academic circles (Obstfeld, Shambaugh, & Taylor, 2010; IMF, 2010; Aizenman & Lee, 2007).

Suggested Citation

  • Prakash Kumar Shrestha & Willi Semmler, 2015. "Monetary Policy and International Reserves in Emerging Economies: Theory and Empirics," Palgrave Macmillan Books, in: Nigel Finch (ed.), Emerging Markets and Sovereign Risk, chapter 12, pages 213-230, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-45066-1_12
    DOI: 10.1057/9781137450661_12
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    Cited by:

    1. Caporale, Guglielmo Maria & Helmi, Mohamad Husam & Çatık, Abdurrahman Nazif & Menla Ali, Faek & Akdeniz, Coşkun, 2018. "Monetary policy rules in emerging countries: Is there an augmented nonlinear taylor rule?," Economic Modelling, Elsevier, vol. 72(C), pages 306-319.
    2. El-Shagi, Makram & Ma, Yishuo, 2023. "Taylor rules around the world: Mapping monetary policy," Economics Letters, Elsevier, vol. 232(C).

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