Hoarding international reserves and global liquidity expansion, what are the links and do they matter?
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Emmanuel Farhi & Ricardo Caballero & Pierre-Olivier Gourinchas, "undated".
"Financial Crash, Commodity Prices and Global Imbalances,"
Working Paper
20933, Harvard University OpenScholar.
- Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "Financial Crash, Commodity Prices and Global Imbalances," NBER Working Papers 14521, National Bureau of Economic Research, Inc.
- Gourinchas, Pierre-Oliver & Farhi, Emmanuel & Caballero, Ricardo J., 2008. "Financial Crash, Commodity Prices, and Global Imbalances," Scholarly Articles 3229095, Harvard University Department of Economics.
- Caballero, Ricardo & Gourinchas, Pierre-Olivier & Farhi, Emmanuel, 2008. "Financial Crash, Commodity Prices and Global Imbalances," CEPR Discussion Papers 7064, C.E.P.R. Discussion Papers.
- Aizenman, Joshua & Cheung, Yin-Wong & Ito, Hiro, 2015.
"International reserves before and after the global crisis: Is there no end to hoarding?,"
Journal of International Money and Finance, Elsevier, vol. 52(C), pages 102-126.
- Joshua Aizenman & Yin-Wong Cheung & Hiro Ito, 2014. "International Reserves Before and After the Global Crisis: Is There No End to Hoarding?," NBER Working Papers 20386, National Bureau of Economic Research, Inc.
- Joshua Aizenman & Yin-Wong Cheung & Hiro Ito, 2015. "International Reserves Before and After the Global Crisis: Is There No End to Hoarding?," CESifo Working Paper Series 5237, CESifo.
- Brana, Sophie & Djigbenou, Marie-Louise & Prat, Stéphanie, 2012.
"Global excess liquidity and asset prices in emerging countries: A PVAR approach,"
Emerging Markets Review, Elsevier, vol. 13(3), pages 256-267.
- Sophie Brana & Marie-Louise Djibenou & Stéphanie Prat, 2012. "Global excess liquidity and asset prices in emerging countries: a pvar approach," Working Papers hal-00740102, HAL.
- Sophie Brana & Marie-Louise Djigbenou & Stéphanie Prat, 2012. "Global excess liquidity and asset prices in emerging countries: a pvar approach," Larefi Working Papers 1203, Larefi, Université Bordeaux 4.
- Lütkepohl,Helmut & Krätzig,Markus (ed.), 2004. "Applied Time Series Econometrics," Cambridge Books, Cambridge University Press, number 9780521547871, January.
- Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2010.
"Financial Stability, the Trilemma, and International Reserves,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 57-94, April.
- Obstfeld, Maurice & Taylor, Alan M. & Shambaugh, Jay, 2008. "Financial Stability, the Trilemma, and International Reserves," CEPR Discussion Papers 6693, C.E.P.R. Discussion Papers.
- Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2008. "Financial Stability, the Trilemma, and International Reserves," NBER Working Papers 14217, National Bureau of Economic Research, Inc.
- Ben S. Bernanke & Mark Gertler & Mark Watson, 1997.
"Systematic Monetary Policy and the Effects of Oil Price Shocks,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(1), pages 91-157.
- Bernanke, Ben S. & Gertler, Mark & Waston, Mark, 1997. "Systematic Monetary Policy and the Effects of Oil Price Shocks," Working Papers 97-25, C.V. Starr Center for Applied Economics, New York University.
- Ben S. Bernanke & Mark Gertler & Mark W. Watson, 1997. "Systematic Monetary Policy and the Effects of Oil Price Shocks," Working Papers 1997-1, Princeton University. Economics Department..
- Mr. Il Houng Lee & Woon Gyu Choi, 2010. "Monetary Transmission of Global Imbalances in Asian Countries," IMF Working Papers 2010/214, International Monetary Fund.
- Philip D Wooldridge, 2006. "The changing composition of official reserves," BIS Quarterly Review, Bank for International Settlements, September.
- Kristin J. Forbes, 2011. "Global imbalances and global liquidity - commentary," Proceedings, Federal Reserve Bank of San Francisco, issue Nov, pages 345-345.
- Richard A. Ashley & Randal J. Verbrugge, 2009. "To difference or not to difference: a Monte Carlo investigation of inference in vector autoregression models," International Journal of Data Analysis Techniques and Strategies, Inderscience Enterprises Ltd, vol. 1(3), pages 242-274.
- Gottschalk, Jan, 2001. "An Introduction into the SVAR Methodology: Identification, Interpretation and Limitations of SVAR models," Kiel Working Papers 1072, Kiel Institute for the World Economy (IfW Kiel).
- Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "Financial Crash, Commody Prices, and Global Inbalances," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(2 (Fall)), pages 1-68.
- DJIGBENOU-KRE, Marie-Louise & Park, Hail, 2016. "The effects of global liquidity on global imbalances," International Review of Economics & Finance, Elsevier, vol. 42(C), pages 1-12.
- Klaas Baks & Mr. Charles Frederick Kramer, 1999. "Global Liquidity and Asset Prices: Measurement, Implications, and Spillovers," IMF Working Papers 1999/168, International Monetary Fund.
- Lütkepohl,Helmut & Krätzig,Markus (ed.), 2004. "Applied Time Series Econometrics," Cambridge Books, Cambridge University Press, number 9780521839198, January.
- Fidora, Michael & Bracke, Thierry, 2008. "Global liquidity glut or global savings glut? A structural VAR approach," Working Paper Series 911, European Central Bank.
- Ivanov Ventzislav & Kilian Lutz, 2005. "A Practitioner's Guide to Lag Order Selection For VAR Impulse Response Analysis," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 9(1), pages 1-36, March.
- M S Mohanty & Philip Turner, 2006. "Foreign exchange reserve accumulation in emerging markets: what are the domestic implications?," BIS Quarterly Review, Bank for International Settlements, September.
- Olivier Jeanne, 2007. "International Reserves in Emerging Market Countries: Too Much of a Good Thing?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 38(1), pages 1-80.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Nady Rapelanoro, 2017. "Hoarding international reserves and global liquidity expansion, what are the links and do they matter?," Working Papers hal-04141660, HAL.
- Jäger, Kai, 2016.
"The Role of Regime Type in the Political Economy of Foreign Reserve Accumulation,"
European Journal of Political Economy, Elsevier, vol. 44(C), pages 79-96.
- Jäger, Kai, 2016. "The Role of Regime Type in the Political Economy of Foreign Reserve Accumulation," Munich Reprints in Economics 43487, University of Munich, Department of Economics.
- Mahraddika, Wishnu, 2019. "Does international reserve accumulation crowd out domestic private investment?," International Economics, Elsevier, vol. 158(C), pages 39-50.
- Ratti, Ronald A. & Vespignani, Joaquin L., 2013.
"Crude oil prices and liquidity, the BRIC and G3 countries,"
Energy Economics, Elsevier, vol. 39(C), pages 28-38.
- Ratti, Ronald A & Vespignani, Joaquin L., 2012. "Crude Oil Prices and Liquidity, the BRIC and G3 countries," Working Papers 15727, University of Tasmania, Tasmanian School of Business and Economics, revised 17 Dec 2012.
- Ratti, Ronald A & Vespignani, Joaquin L., 2012. "Crude Oil Prices and Liquidity, the BRIC and G3 countries," MPRA Paper 44049, University Library of Munich, Germany.
- Kyritsis, Evangelos & Serletis, Apostolos, 2018.
"The zero lower bound and market spillovers: Evidence from the G7 and Norway,"
Research in International Business and Finance, Elsevier, vol. 44(C), pages 100-123.
- Kyritsis, Evangelos & Serletis, Apostolos, 2017. "The Zero Lower Bound and Market Spillovers: Evidence from the G7 and Norway," Discussion Papers 2017/7, Norwegian School of Economics, Department of Business and Management Science.
- Shalini, Velappan & Prasanna, Krishna, 2016. "Impact of the financial crisis on Indian commodity markets: Structural breaks and volatility dynamics," Energy Economics, Elsevier, vol. 53(C), pages 40-57.
- Roman Hušek & Tomáš Formánek, 2014. "Alternative specification, estimation and identification of vector autoregressions [Alternativní specifikace, odhad a identifikace vektorových autoregresí]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2014(4), pages 52-72.
- Yao Axel Ehouman, 2020. "Do oil-market shocks drive global liquidity?," EconomiX Working Papers 2020-33, University of Paris Nanterre, EconomiX.
- Dongwon Lee, 2023.
"International cooperation in foreign reserve policies in the presence of competitive hoarding,"
Review of International Economics, Wiley Blackwell, vol. 31(2), pages 389-412, May.
- Dongwon Lee, 2020. "International Cooperation in Foreign Reserve Policies in the Presence of Competitive Hoarding," Working Papers 202011, University of California at Riverside, Department of Economics.
- Eswar S. Prasad, 2011.
"Role reversal in global finance,"
Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 339-390.
- Eswar S. Prasad, 2011. "Role Reversal in Global Finance," NBER Working Papers 17497, National Bureau of Economic Research, Inc.
- Prasad, Eswar, 2011. "Role Reversal in Global Finance," IZA Discussion Papers 6032, Institute of Labor Economics (IZA).
- Kallis, Giorgos & Sager, Jalel, 2017. "Oil and the economy: A systematic review of the literature for ecological economists," Ecological Economics, Elsevier, vol. 131(C), pages 561-571.
- Ehrlich, Lars G., 2018. "What drives nickel prices: A structural VAR approach," HWWI Research Papers 186, Hamburg Institute of International Economics (HWWI).
- Prakash Kumar Shrestha, Ph.D., 2016. "Macroeconomic Impact of International Reserves: Empirical Evidence from South Asia," NRB Working Paper 32/2016, Nepal Rastra Bank, Research Department.
- Ä°mre ERSOY, 2011. "On Reserve Hoarding In Emes: The Case Of Turkey," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 6(3(17)/ Fa), pages 230-243.
- Ghassan, Hassan B. & Krichene, Noureddine, 2017. "Financial Stability of Conventional and Islamic Banks: A Survey," MPRA Paper 82372, University Library of Munich, Germany.
- DJIGBENOU-KRE, Marie-Louise & Park, Hail, 2016. "The effects of global liquidity on global imbalances," International Review of Economics & Finance, Elsevier, vol. 42(C), pages 1-12.
- Hammoudeh, Shawkat & Nguyen, Duc Khuong & Sousa, Ricardo M., 2015. "US monetary policy and sectoral commodity prices," Journal of International Money and Finance, Elsevier, vol. 57(C), pages 61-85.
- Prakash Kumar Shrestha, Ph.D., 2016. "Macroeconomic Impact of International Reserves: Empirical Evidence from South Asia," NRB Economic Review, Nepal Rastra Bank, Economic Research Department, vol. 28(1), pages 1-26, April.
- Thi Bich Ngoc Tran & Hoang Cam Huong Pham, 2020. "The Spillover Effects of the US Unconventional Monetary Policy: New Evidence from Asian Developing Countries," JRFM, MDPI, vol. 13(8), pages 1-26, July.
- Pina, Gonçalo, 2017. "International reserves and global interest rates," Journal of International Money and Finance, Elsevier, vol. 74(C), pages 371-385.
More about this item
Keywords
SVARs; Global liquidity; Emerging countries; International reserves.;All these keywords.
JEL classification:
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
NEP fields
This paper has been announced in the following NEP Reports:- NEP-IFN-2017-03-19 (International Finance)
- NEP-MAC-2017-03-19 (Macroeconomics)
- NEP-MON-2017-03-19 (Monetary Economics)
- NEP-SEA-2017-03-19 (South East Asia)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:drm:wpaper:2017-13. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Valerie Mignon (email available below). General contact details of provider: https://edirc.repec.org/data/modemfr.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.