International reserve management and the current account

This paper assesses the costs and benefits of active international reserve management. The first part outlines and appraises various channels through which international reserve management may enhance economic performance, focusing on two important channels: it lowers the real exchange rate volatili...

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Autor principal:	Aizenman, Joshua
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	DISPONIBILIDADES MONETARIAS TIPO DE CAMBIO POLÍTICA ECONÓMICA
Acceso en línea:	https://hdl.handle.net/20.500.12580/3741
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spelling	oai-20.500.12580-37412021-04-24T11:01:55Z International reserve management and the current account Aizenman, Joshua DISPONIBILIDADES MONETARIAS TIPO DE CAMBIO POLÍTICA ECONÓMICA This paper assesses the costs and benefits of active international reserve management. The first part outlines and appraises various channels through which international reserve management may enhance economic performance, focusing on two important channels: it lowers the real exchange rate volatility induced by terms-of-trade shocks, and it provides self-insurance against sudden stops and fiscal shocks, thereby reducing the downside risk associated with adverse shocks. Two additional channels, for which the evidence is weaker, are as follows: international reserve management is alleged to lead to higher growth by fostering exports (that is, it operates through a mercantilist motive), and it has a greater capacity to smooth adjustment to shocks over time, thereby reducing the speed of adjustment of the current account. 2019-11-01T00:04:05Z 2019-11-01T00:04:05Z 2008 Artículo 978-956-7421-30-5 https://hdl.handle.net/20.500.12580/3741 eng Series on Central Banking, Analysis, and Economic Policies, no. 12 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 435-474 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	DISPONIBILIDADES MONETARIAS TIPO DE CAMBIO POLÍTICA ECONÓMICA
spellingShingle	DISPONIBILIDADES MONETARIAS TIPO DE CAMBIO POLÍTICA ECONÓMICA Aizenman, Joshua International reserve management and the current account
description	This paper assesses the costs and benefits of active international reserve management. The first part outlines and appraises various channels through which international reserve management may enhance economic performance, focusing on two important channels: it lowers the real exchange rate volatility induced by terms-of-trade shocks, and it provides self-insurance against sudden stops and fiscal shocks, thereby reducing the downside risk associated with adverse shocks. Two additional channels, for which the evidence is weaker, are as follows: international reserve management is alleged to lead to higher growth by fostering exports (that is, it operates through a mercantilist motive), and it has a greater capacity to smooth adjustment to shocks over time, thereby reducing the speed of adjustment of the current account.
format	Artículo
author	Aizenman, Joshua
author_facet	Aizenman, Joshua
author_sort	Aizenman, Joshua
title	International reserve management and the current account
title_short	International reserve management and the current account
title_full	International reserve management and the current account
title_fullStr	International reserve management and the current account
title_full_unstemmed	International reserve management and the current account
title_sort	international reserve management and the current account
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3741
work_keys_str_mv	AT aizenmanjoshua internationalreservemanagementandthecurrentaccount
_version_	1718346522846822400

International reserve management and the current account

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