메뉴 건너뛰기




Volumn 5, Issue 1, 2004, Pages 61-82

International reserve-holding in the developing world: Self insurance in a crisis-prone era?

Author keywords

International reserves; Liquidity at risk; Quantity theory; Self insurance; Special drawing rights

Indexed keywords


EID: 1342333583     PISSN: 15660141     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ememar.2003.12.003     Document Type: Article
Times cited : (48)

References (55)
  • 1
    • 1342266995 scopus 로고    scopus 로고
    • Managing Foreign Debt and Liquidity Risks
    • Bank for International Settlements (BIS) Policy Paper No. 8. BIS Monetary and Economic Department. Basel, Switzerland
    • Bank for International Settlements (BIS), 2000. Managing Foreign Debt and Liquidity Risks. Policy Paper No. 8. BIS Monetary and Economic Department. Basel, Switzerland. [http://www.bis.org/publ/plcy08.pdf]
    • (2000)
  • 2
    • 84963017835 scopus 로고
    • The transactions demand for cash: An inventory theoretic approach
    • November
    • Baumol W.J. The transactions demand for cash: an inventory theoretic approach Quart. J. Econ. 66 November 1952 545-556
    • (1952) Quart. J. Econ. , vol.66 , pp. 545-556
    • Baumol, W.J.1
  • 3
    • 0000112202 scopus 로고    scopus 로고
    • Are Currency Crises Predictable?
    • A Test. International Monetary Fund Staff Papers. Washington, DC: International Monetary Fund
    • Berg A. Patillo C. 1999 Are Currency Crises Predictable? A Test. International Monetary Fund Staff Papers. Washington, DC: International Monetary Fund, 46(2): 107-138
    • (1999) , vol.46 , Issue.2 , pp. 107-138
    • Berg, A.1    Patillo, C.2
  • 4
    • 1342266991 scopus 로고    scopus 로고
    • Optimal money burning: Theory and application to corporate dividend policy
    • National Bureau of Economic Research Working paper 5682. Cambridge, MA: NBER
    • Bernheim B.D. Redding L. 1996 Optimal money burning: theory and application to corporate dividend policy. National Bureau of Economic Research Working paper 5682. Cambridge, MA: NBER
    • (1996)
    • Bernheim, B.D.1    Redding, L.2
  • 5
    • 0032221236 scopus 로고    scopus 로고
    • The political economy of the SDR: The rise and fall of an international reserve asset
    • Bird G. The political economy of the SDR: the rise and fall of an international reserve asset Glob. Gov. 4 1998 355-379
    • (1998) Glob. Gov. , vol.4 , pp. 355-379
    • Bird, G.1
  • 6
    • 0008890506 scopus 로고
    • International money and international monetary arrangements
    • R. W. Jones, P. B. Kenen (Eds.), Amsterdam, North-Holland: Elsevier Science BV
    • Black S.W. International money and international monetary arrangements Jones R.W. Kenen P.B. Handbook of International Economics 2 1985 Elsevier Science BV Amsterdam, North-Holland Chapter 22
    • (1985) Handbook of International Economics , vol.2
    • Black, S.W.1
  • 7
    • 1342288360 scopus 로고    scopus 로고
    • Allocating special drawing rights to increase international financial stability
    • I. Kaul, K. Le Goulven, M. Schnupf (Eds.), New York: United Nations Development Programme, Office of Development Studies
    • Buira A. Allocating special drawing rights to increase international financial stability In: Kaul I. Le Goulven K. Schnupf M. Global Public Goods Financing: New Tools for New Challenges 2002 73-79 United Nations Development Programme, Office of Development Studies New York
    • (2002) Global Public Goods Financing: New Tools for New Challenges , pp. 73-79
    • Buira, A.1
  • 8
    • 1342288357 scopus 로고    scopus 로고
    • The governance of the International Monetary Fund
    • I. Kaul, P. Conceicao, K. Le Goulven, R. U. Mendoza (Eds.), New York: Oxford University Press
    • Buira A. The governance of the International Monetary Fund In: Kaul I. Conceicao P. Le Goulven K. Mendoza R.U. Providing Global Public Goods: Managing Globalization 2003 225-244 Oxford University Press New York
    • (2003) Providing Global Public Goods: Managing Globalization , pp. 225-244
    • Buira, A.1
  • 9
    • 0013216852 scopus 로고    scopus 로고
    • Towards a new early warning system of financial crises
    • European Central Bank (ECB) Working Paper 145. Frankfurt: ECB
    • Bussiere M. Fratzscher M. 2002. Towards a new early warning system of financial crises. European Central Bank (ECB) Working Paper 145. Frankfurt: ECB. [http://www.ecb.int/pub/wp/ecbwp145.pdf]
    • (2002)
    • Bussiere, M.1    Fratzscher, M.2
  • 10
    • 0034638547 scopus 로고    scopus 로고
    • Novelties of financial crises in the 1990s and the search for new indicators
    • Bustelo P. Novelties of financial crises in the 1990s and the search for new indicators Emerg. Mark. Rev. 1 3 2000 229-251
    • (2000) Emerg. Mark. Rev. , vol.1 , Issue.3 , pp. 229-251
    • Bustelo, P.1
  • 11
    • 1342309519 scopus 로고    scopus 로고
    • On the international financial architecture: Insuring emerging markets
    • NBER Working paper 9570. Cambridge, MA: NBER
    • Caballero R.J. 2003 On the international financial architecture: insuring emerging markets. NBER Working paper 9570. Cambridge, MA: NBER. [http://nber.org/papers/W9570]
    • (2003)
    • Caballero, R.J.1
  • 12
    • 1342330848 scopus 로고    scopus 로고
    • Hedging sudden stops and precautionary recessions: A quantitative framework
    • Working paper. Cambridge, MA: Massachusetts Institute of Technology
    • Caballero R.J. Panageas S. 2003 Hedging sudden stops and precautionary recessions: a quantitative framework. Working paper. Cambridge, MA: Massachusetts Institute of Technology. [http://web.mit.edu/caball/www/hss32803.pdf]
    • (2003)
    • Caballero, R.J.1    Panageas, S.2
  • 13
    • 1342330858 scopus 로고    scopus 로고
    • International liquidity and the role of the SDR in the international monetary system
    • Working paper. Washington, DC: IMF
    • Clark P.B. Polak J. 2002 International liquidity and the role of the SDR in the international monetary system. Working paper. Washington, DC: IMF. [http://www.imf.org/external/pubs/ft/wp/2002/wp02217.pdf]
    • (2002)
    • Clark, P.B.1    Polak, J.2
  • 14
    • 1842790311 scopus 로고    scopus 로고
    • Moral hazard and international crisis lending: A test
    • IMF Working paper 02/181. Washington, DC: IMF
    • Dell' Ariccia G. Schnabel I. Zettelmeyer J. 2002. Moral hazard and international crisis lending: a test. IMF Working paper 02/181. Washington, DC: IMF. [http://www.imf.org/external/pubs/ft/wp/2002/ wp02181.pdf]
    • (2002)
    • Dell' Ariccia, G.1    Schnabel, I.2    Zettelmeyer, J.3
  • 15
    • 0033776389 scopus 로고    scopus 로고
    • Monitoring Banking Sector Fragility: A Multivariate Logit Approach
    • World Bank, Washington, DC
    • Demigruc-Kunt A.D. Detragiache E. 2000. Monitoring Banking Sector Fragility: A Multivariate Logit Approach. World Bank Economic Review 14(2), 287-307. World Bank, Washington, DC
    • (2000) World Bank Economic Review , vol.14 , Issue.2 , pp. 287-307
    • Demigruc-Kunt, A.D.1    Detragiache, E.2
  • 16
    • 0038726524 scopus 로고    scopus 로고
    • Crises and liquidity: Evidence and interpretation
    • International Monetary Fund Working Paper 01/2. Washington, DC:IMF
    • Detragiache E. Spilimbergo A. 2001 Crises and liquidity: evidence and interpretation. International Monetary Fund Working Paper 01/2. Washington, DC:IMF
    • (2001)
    • Detragiache, E.1    Spilimbergo, A.2
  • 17
    • 0011739554 scopus 로고    scopus 로고
    • Currency crises and foreign reserves: A simple model
    • Working Paper 01/18. International Monetary Fund, Research Department. Washington, DC
    • Distayat P. 2001 Currency crises and foreign reserves: a simple model. Working Paper 01/18. International Monetary Fund, Research Department. Washington, DC [http://www.imf.org/external/pubs/ft/wp/2001/wp0118.pdf]
    • (2001)
    • Distayat, P.1
  • 18
    • 0009802774 scopus 로고
    • The demand for international reserves and monetary equilibrium: Some evidence from developing countries
    • Edwards S. The demand for international reserves and monetary equilibrium: some evidence from developing countries Rev. Econ. Stat. 66 1984 495-500
    • (1984) Rev. Econ. Stat. , vol.66 , pp. 495-500
    • Edwards, S.1
  • 19
    • 0025084667 scopus 로고
    • The Sudan demand for international reserves: A case of a labor exporting country
    • Elbadawi I.A. The Sudan demand for international reserves: a case of a labor exporting country Economica 57 1990 73-89
    • (1990) Economica , vol.57 , pp. 73-89
    • Elbadawi, I.A.1
  • 20
    • 0008181497 scopus 로고    scopus 로고
    • Self-protection for emerging market economies
    • National Bureau of Economic Research Working paper 6097. Cambridge, MA
    • Feldstein M. 1999a Self-protection for emerging market economies. National Bureau of Economic Research Working paper 6097. Cambridge, MA. [http://papers.nber.org/papers/w6907.pdf]
    • (1999)
    • Feldstein, M.1
  • 21
    • 1342309525 scopus 로고    scopus 로고
    • Holding international reserves in an era of high capital mobility
    • S. M. Collins, D. Rodrik (Eds.), Washington, DC: Brookings Institution Press
    • Flood R. Marion N. Holding international reserves in an era of high capital mobility In: Collins S.M. Rodrik D. Brookings Trade Forum 2001 2002 1-68 Brookings Institution Press Washington, DC
    • (2002) Brookings Trade Forum 2001 , pp. 1-68
    • Flood, R.1    Marion, N.2
  • 22
    • 84925891261 scopus 로고
    • The demand for international reserves by developed and less-developed countries
    • February
    • Frenkel J.A. The demand for international reserves by developed and less-developed countries Economica 41 February 1974 14-24
    • (1974) Economica , vol.41 , pp. 14-24
    • Frenkel, J.A.1
  • 24
    • 77949410100 scopus 로고
    • Optimal international reserves: A stochastic framework
    • June
    • Frenkel J.A. Jovanovic B. Optimal international reserves: a stochastic framework Econ. J. 9 June 1981 507-514
    • (1981) Econ. J. , vol.9 , pp. 507-514
    • Frenkel, J.A.1    Jovanovic, B.2
  • 25
    • 0036131781 scopus 로고    scopus 로고
    • Second moments in speculative attack models: Panel evidence
    • Galindo A.J. Maloney W.F. Second moments in speculative attack models: panel evidence J. Int. Econ. 56 2002 97-129
    • (2002) J. Int. Econ. , vol.56 , pp. 97-129
    • Galindo, A.J.1    Maloney, W.F.2
  • 26
    • 1342330859 scopus 로고    scopus 로고
    • Currency reserves and debt' remarks by Chairman Allan Greenspan before the World Bank Conference on Recent Trends in Reserve Management
    • 29 April. Washington, DC
    • Greenspan A. 1999 Currency reserves and debt' remarks by Chairman Allan Greenspan before the World Bank Conference on Recent Trends in Reserve Management. 29 April. Washington, DC [http://www.federalreserve.gov/boarddocs/speeches/1999/19990429.htm]
    • (1999)
    • Greenspan, A.1
  • 27
    • 84918874850 scopus 로고    scopus 로고
    • International financial stability and market efficiency as a global public good
    • I. Kaul, P. Conceicao, K. Le Goulven, R. U. Mendoza (Eds.), New York: Oxford University Press
    • Griffith-Jones S. International financial stability and market efficiency as a global public good In: Kaul I. Conceicao P. Le Goulven K. Mendoza R.U. Providing Global Public Goods: Managing Globalization 2003 435-454 Oxford University Press New York
    • (2003) Providing Global Public Goods: Managing Globalization , pp. 435-454
    • Griffith-Jones, S.1
  • 28
    • 1342288355 scopus 로고    scopus 로고
    • The role of the SDR in the International Financial System
    • Institute of Development Studies. University of Sussex
    • Griffith-Jones S. Kimmis J. 2002. The role of the SDR in the International Financial System. Institute of Development Studies. University of Sussex. [http://www.ids.ac.uk/ids/global/Finance/pdfs/griffkim2.pdf]
    • (2002)
    • Griffith-Jones, S.1    Kimmis, J.2
  • 29
    • 1342266992 scopus 로고    scopus 로고
    • Measuring potential vulnerabilities in emerging market economies
    • Bank for International Settlements (BIS) Working Paper Number 91. Basel, Switzerland
    • Hawkins, Klau, M., 2000. Measuring potential vulnerabilities in emerging market economies. Bank for International Settlements (BIS) Working Paper Number 91. Basel, Switzerland. [http://www.bis.org/publ/work91.pdf]
    • (2000)
    • Hawkins, A.1    Klau, M.2
  • 30
    • 0009799232 scopus 로고
    • Optimal international reserves
    • June
    • Heller H.R. Optimal international reserves Econ. J. 76 June 1966 296-311
    • (1966) Econ. J. , vol.76 , pp. 296-311
    • Heller, H.R.1
  • 31
    • 0009779123 scopus 로고
    • The transactions demand for international means of payment
    • Heller H.R. The transactions demand for international means of payment J. Polit. Econ. 76 1968 141-145
    • (1968) J. Polit. Econ. , vol.76 , pp. 141-145
    • Heller, H.R.1
  • 32
    • 0009779377 scopus 로고
    • The Demand for International Reserves under Fixed and Floating Exchange Rates
    • IMF Staff Papers, Washington, DC: IMF
    • Heller H.R. Khan M. 1978. The Demand for International Reserves under Fixed and Floating Exchange Rates. IMF Staff Papers, Washington, DC: IMF
    • (1978)
    • Heller, H.R.1    Khan, M.2
  • 33
    • 0004173808 scopus 로고    scopus 로고
    • International Monetary Fund (IMF) Washington, DC
    • International Monetary Fund (IMF), 1998. World Economic Outlook 1998. Washington, DC
    • (1998) World Economic Outlook 1998
  • 34
    • 0003518334 scopus 로고    scopus 로고
    • International Monetary Fund (IMF) June 2002. Washington, DC:IMF
    • International Monetary Fund (IMF), 2002a. International Financial Statistics CD-ROM. June 2002. Washington, DC:IMF
    • (2002) International Financial Statistics CD-ROM
  • 35
  • 39
    • 38249035807 scopus 로고
    • The stability of the demand for international reserves
    • September
    • Lizondo J.S. Mathieson D.J. The stability of the demand for international reserves J. Int. Money Finance 6 September 1987 251-282
    • (1987) J. Int. Money Finance , vol.6 , pp. 251-282
    • Lizondo, J.S.1    Mathieson, D.J.2
  • 40
    • 0009755837 scopus 로고
    • The need for monetary reserves
    • Reprints in International Finance 5. Princeton University
    • Machlup F. 1966 The need for monetary reserves. Reprints in International Finance 5. Princeton University
    • (1966)
    • Machlup, F.1
  • 41
    • 1342330854 scopus 로고    scopus 로고
    • The challenges of financial globalisation
    • Teunissen, J.J. (ed.) The Hague, Netherlands: Forum on Debt and Development (FONDAD)
    • Mistry P.S. 1998 The challenges of financial globalisation. In: Teunissen, J.J. (ed.), The Policy Challenges of Global Financial Integration. The Hague, Netherlands: Forum on Debt and Development (FONDAD), pp. 83-119
    • (1998) The Policy Challenges of Global Financial Integration , pp. 83-119
    • Mistry, P.S.1
  • 42
    • 0010109029 scopus 로고    scopus 로고
    • The future of the SDR in light of changes in the international financial system
    • (Eds.), Washington, DC: IMF
    • Mussa M. Boughton J.M. Isard P. The future of the SDR in light of changes in the international financial system 1996 IMF Washington, DC
    • (1996)
    • Mussa, M.1    Boughton, J.M.2    Isard, P.3
  • 43
    • 1342288353 scopus 로고
    • A note on the optimal role of growth of international reserves
    • Olivera J.H.G. A note on the optimal role of growth of international reserves J. Polit. Econ. 77 2 1969 245-248
    • (1969) J. Polit. Econ. , vol.77 , Issue.2 , pp. 245-248
    • Olivera, J.H.G.1
  • 44
    • 0003940124 scopus 로고    scopus 로고
    • The modern history of exchange rate arrangments: A reinterpretation
    • National Bureau of Economic Research Working paper 8963. Cambridge, MA
    • Reinhart C.M. Rogoff K.S. 2002 The modern history of exchange rate arrangments: a reinterpretation. National Bureau of Economic Research Working paper 8963. Cambridge, MA. [http://papers.nber.org/papers/w8963.pdf]
    • (2002)
    • Reinhart, C.M.1    Rogoff, K.S.2
  • 45
    • 0003476128 scopus 로고    scopus 로고
    • Exchange rate regimes and institutional arrangements in the shadow of capital flows
    • The John F. Kennedy School of Government. Harvard University: Cambridge, MA
    • Rodrik D. 2000. Exchange rate regimes and institutional arrangements in the shadow of capital flows. The John F. Kennedy School of Government. Harvard University: Cambridge, MA. [http://ksghome.harvard.edu/ ~.drodrik.academic.ksg/Malaysia%20conference%20paper.PDF]
    • (2000)
    • Rodrik, D.1
  • 46
    • 0003737550 scopus 로고    scopus 로고
    • The East Asian financial crisis: Diagnosis, remedies, prospects
    • Brookings Papers on Economic Activity. Washington, DC: Brookings Institution
    • Sachs J. Radelet S. 1998. The East Asian financial crisis: diagnosis, remedies, prospects. Brookings Papers on Economic Activity. Washington, DC: Brookings Institution
    • (1998)
    • Sachs, J.1    Radelet, S.2
  • 48
    • 0009942666 scopus 로고    scopus 로고
    • World income components: Measuring and exploiting international risk sharing opportunities
    • Shiller R.J. Athanasoulis S. World income components: measuring and exploiting international risk sharing opportunities Am. Econ. Rev. 91 2001 4
    • (2001) Am. Econ. Rev. , Issue.91 , pp. 4
    • Shiller, R.J.1    Athanasoulis, S.2
  • 49
    • 0009756047 scopus 로고
    • National central banking and the international economy
    • W. Allen, C. L. Allen (Eds.), New York: MacMillan
    • Triffin R. National central banking and the international economy In: Allen W. Allen C.L. Essays in International Economic Equilibrium and Adjustment 1947 MacMillan New York
    • (1947) Essays in International Economic Equilibrium and Adjustment
    • Triffin, R.1
  • 50
    • 1342288351 scopus 로고    scopus 로고
    • Report of the high-level panel on financing for development
    • United Nations (UN) [also known as the Zedillo Report]. New York
    • United Nations (UN), 2001. Report of the high-level panel on financing for development [also known as the Zedillo Report]. New York. [http://www.un.org/reports/financing/full_report.pdf]
    • (2001)
  • 51
    • 1342330856 scopus 로고
    • Cash/debt buy-backs and the insurance value of reserves
    • Van Wijnbergen S. Cash/debt buy-backs and the insurance value of reserves J. Int. Econ. 29 1990 1990 123-131
    • (1990) J. Int. Econ. , vol.29 , Issue.1990 , pp. 123-131
    • Van Wijnbergen, S.1
  • 52
    • 1342288354 scopus 로고    scopus 로고
    • Reserve adequacy in emerging market economies
    • International Monetary Fund Working paper 01/143. Washington, DC:IMF
    • Wijnholds D.B. Onno J. Kapteyn A. 2001. Reserve adequacy in emerging market economies. International Monetary Fund Working paper 01/143. Washington, DC:IMF. [http://www.imf.org/external/pubs/ft/wp/2001/ wp01143.pdf]
    • (2001)
    • Wijnholds, D.B.1    Onno, J.2    Kapteyn, A.3
  • 54
    • 0038433659 scopus 로고    scopus 로고
    • World Bank Washington, DC: The World Bank
    • World Bank Global Development Finance 2002 2002 The World Bank Washington, DC
    • (2002) Global Development Finance 2002
  • 55
    • 1342330855 scopus 로고    scopus 로고
    • How Risky is Financial Liberalization in the Developing Countries?
    • Group of 24 Discussion Paper Series Number 14. New York and Geneva: United Nations
    • Wyplosz C. 2001 How Risky is Financial Liberalization in the Developing Countries? Group of 24 Discussion Paper Series Number 14. New York and Geneva: United Nations. [http://www.unctad.org/en/docs/ pogdsmdpbg24d14.en.pdf]
    • (2001)
    • Wyplosz, C.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.