REAL EXCHANGE RATE AND INTERNATIONAL RESERVES IN AN ERA OF GROWING FINANCIAL AND TRADE INTEGRATION

• 成果类型: Article
• 署名作者: Aizenman, Joshua; Riera-Crichton, Daniel
• 署名单位: National Bureau of Economic Research
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest.90.4.812
• 发表日期: 2008-11
• 页码: 812-815
• 关键词: volatility

摘要

This paper evaluates the impact of international reserves, terms-of-trade shocks, and capital flows on the real exchange rate (REER). We observe that international reserves cushion the impact of terms-of-trade shocks on PEER, and that this effect is important for developing but not for industrial countries. This buffer effect is especially significant for Asian countries, and for countries exporting natural resources. Financial depth reduces the buffer role of international reserves in developing countries. Developing countries' REERs seem to be more sensitive to changes in reserve assets; whereas industrial countries display a significant cant relationship between hot money and REER.