International reserves and the global financial crisis

• 成果类型: Article
• 署名作者: Dominguez, Kathryn M. E.; Hashimoto, Yuko; Ito, Takatoshi
• 署名单位: University of Michigan System; University of Michigan; National Bureau of Economic Research; International Monetary Fund; University of Tokyo
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2012.03.003
• 发表日期: 2012
• 页码: 388-406
• 关键词: Foreign exchange reserves; Global financial crisis; Exchange market pressure

摘要

This study examines whether pre-crisis international reserve accumulations, as well as exchange rate and reserve policy decisions made during the global financial crisis, can help to explain cross-country differences in post-crisis economic performance. Our approach focuses not only on the total stock of official reserves held by countries, but also on the decisions by governments to purchase or sell reserve assets during the crisis period. We introduce new data made available through the IMF Special Data Dissemination Standard (SDDS) Reserve Template, which allow us to distinguish interest income and valuation changes in the stock of official reserves from the actively managed component of reserves. We use this novel data to gage how (and whether) reserve accumulation policies influenced the economic and financial performance of countries during and after the global crisis. Our findings support the view that higher reserve accumulations prior to the crisis are associated with higher post-crisis GDP growth. (C) 2012 Elsevier B.V. All rights reserved.