The High Demand for International Reserves in the Far East: What's Going On?

By Joshua Aizenman, N. Marion. 2002

347 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/e9b93731bd62390949f955b2bc2972ef9504629d

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Citations in the corpus

A Cross-Country Empirical Analysis of International Reserves (2009, background): “The effect of the opportunity cost is quite inconspicuous in the empirical literature, mainly due to the difficulty in assigning a single interest rate for international reserve assets while accounting for their risks.4 Following Aizenman and Marion (2003), Edison (2003), and Lane and Burke (2001), ”
International Reserves: Precautionary vs. Mercantilist Views, Theory and Evidence (2005, background): “To our knowledge, our paper is the first econometric attempt to evaluate the relevance of the mercantilist approach in the aftermath of the 1997 crisis (see Aizenman and Marion, 2003; Edison, 2003; and Aizenman, Lee, and Rhee, 2004, for earlier empirical analysis of related issues).”
The Optimal Level of International Reserves For Emerging Market Countries: A New Formula and Some Applications (2011, neutral): “…papers present stylized models that are useful to illustrate the basic trade-o¤s involved in the choice of optimal reserves, but do not lend themselves to the kind of quantitative exercises that we present in this paper (Aizenman and Marion, 2003; Aizenman and Lee, 2005; Miller and Zhang, 2006).”
Adjustment Patterns to Commodity Terms of Trade Shocks: The Role of Exchange Rate and International Reserves Policies (2012, background): “See Table 12 for “High Gov Debt” economies and periods.”
Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008 (2009, neutral): “Robert Flood and Nancy Marion (2002) have connected reserve holdings to a buffer stock model, Joshua Aizenman and Marion (2003) have argued the buildup of reserves in East Asia can be seen as precautionary savings, and Aizenman and Jaewoo Lee (2007) argue that precautionary not mercantilist reasons…”
What Explains Global Exchange Rate Movements during the Financial Crisis (2009, background): “2004). This is made even more di¢ cult by the fact that the focus in the present paper is on the nancial crisis, during which drivers of exchange rates may have been fundamentally di¤erent from more tranquil periods. As explained in detail in the Introduction, a specic aim of the present paper is ”
Undervaluation through foreign reserve accumulation: Static losses, dynamic gains (2010, background): “Aizenman and Marion (2003), Durdu et al. (2009), Mendoza et al. (2009) or Carroll and Jeanne (2009) for proponents of this view.”
Regulating Capital Flows to Emerging Markets: An Externality View (2018, neutral): “Aizenman and Marion (2003); Durdu et al.”
Financial versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding (2007, neutral): “1 Another self-insurance interpretation deals with precautionary hoarding of international reserves needed to stabilize fiscal expenditure in developing countries in the context of Barro’s distortion smoothing (see Aizenman and Marion, 2004). Specifically, a country characterized by volatile output,”
Large Hoardings of International Reserves: Are They Worth It? (2004, background): “The optimal or adequate level of reserves for a country is usually determined either by estimating a reserve demand model (Aizenman and Marion, 2003; Flood and Marion, 2001) or by using simple adequacy indicators (Wijnholds and Kaptyen, 2001).”
Monetary Policy in Emerging Markets (2010, background): “200 Aizenman (2009), Aizenman and Lee (2007), Aizenman and Marion (2003) and Jeanne and Ranciere (2009) conclude that reserves in emerging market countries generally can be explained by a precautionary model, although reserves in a few Asian countries exceed that level.”