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E-raamat: Global Imbalances, Financial Crises, and Central Bank Policies

(Ifo Institute and Ifo Center for Business Cycle Analysis and Surveys, Munich, Germany)
  • Formaat: EPUB+DRM
  • Ilmumisaeg: 25-Jul-2016
  • Kirjastus: Academic Press Inc
  • Keel: eng
  • ISBN-13: 9780128104033
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Global Imbalances, Financial Crises, and Central Bank PoliciesSuurem pilt
  • Formaat: EPUB+DRM
  • Ilmumisaeg: 25-Jul-2016
  • Kirjastus: Academic Press Inc
  • Keel: eng
  • ISBN-13: 9780128104033
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Global Imbalances, Financial Crises, and Central Bank Policies assesses the relationships between global imbalances, financial crises, and central bank policies, with a specific focus on their reserves. The book contains a strictly international perspective with an analysis based on empirical research that enables the reader to develop an analytical model that emphasizes interactions among individual central banks. With this innovative approach, the book develops a new method for defining an optimal demand for reserves. In addition, the book describes implications for financial reforms that might ultimately be more important than its empirical findings.

  • Presents a systematic account of the relationship between the build-up of reserves and central bank policies
  • Emphasizes a global view of currency reserves, which is usually ignored in analyses of their effect
  • Includes datasets as well as all illustrations and figures in online ancillary materials

Arvustused

"This book gives an excellent assessment of the emergence, causes and consequences of balance-of-payments imbalances in a large number of countries. It is a very timely analysis in view of the large imbalances arising from the financial crises of recent years, giving useful advice for the construction of a new and more stable financial world order." --Hans-Werner Sinn, University of Munich and the Ifo Institute for Economic Research

"This book provides an insightful, timely, and fresh perspective on the global implications of the large hoarding of international reserves by emerging markets in recent decades, offering an essential analysis of global economics challenges in the twenty first century. Dr. Andreas Steiners empirical analysis shows that international reserve accumulation lowers both the current account and the public budget balances of the reserve-currencys supplier, possibly destabilizing the global system down the road." --Joshua Aizenman, University of Southern California

"Global Imbalances, Financial Crises, and Central Bank Policies is a very well-conceived manuscript on the nexus of reserve hoarding and capital flow, and the implications for the global economy. The notion of national benefits against global negative externalities of reserve accumulation will interest both academics and policymakers." --Yin-Wong Cheung, City University of Hong Kong

Muu info

Through empirical data links, this book presents a global view of economic imbalances, financial crises, and central bank policies
Foreword xi
Preface xiii
1 Overview
1(4)
1.1 Introduction
1(2)
1.2 Summary
3(2)
2 Accounting for Official Capital Flows
5(22)
2.1 Global imbalances
5(3)
2.2 Financial crises
8(1)
2.3 Financial integration
9(1)
2.4 Private versus official creditors
10(17)
2.4.1 Capital flows
13(6)
2.4.2 Stocks of foreign capital
19(8)
3 Current Account Imbalances: The Role of Official Capital Flows
27(44)
3.1 Introduction
27(4)
3.2 Implications of reserve currency status
31(6)
3.2.1 Literature review
31(1)
3.2.2 Implications of the dual role of the reserve currency
32(1)
3.2.3 Reserve status and balance of payments accounting
33(1)
3.2.4 Reserve currency status in a portfolio balance model
33(4)
3.3 Empirical analysis of the role of official capital for the current account balance
37(22)
3.3.1 Who finances the US current account deficit? A statistical analysis
38(1)
3.3.2 What is the role of official capital in the current account balance? A regression analysis
39(18)
3.3.3 Which factors are major determinants of the US current account balance?
57(1)
3.3.4 How do official and private capital flows interact?
58(1)
3.4 Conclusions and policy implications
59(2)
Appendix 3.A Reserve currency status and balance of payments
61(2)
Appendix 3.B List of variables and data sources
63(3)
Appendix 3.C Sample of countries
66(1)
Appendix 3.D Regression results: Robustness using fixed samples
66(5)
4 Determinants of the Public Budget Balance: The Role of Official Capital Flows
71(48)
4.1 Introduction
72(2)
4.2 Foreign exchange reserves in historical perspective
74(6)
4.2.1 A short history of reserve currencies
75(4)
4.2.2 A short history of asset classes used as reserves
79(1)
4.3 Implications of reserve currency status
80(5)
4.3.1 Implications for interest rates
80(2)
4.3.2 Implications for the public budget
82(3)
4.4 The role of official capital for the public budget balance - a regression analysis
85(22)
4.4.1 Description of data set and empirical approaches
85(5)
4.4.2 Time-series analysis: US and UK
90(1)
4.4.3 Analysis in a panel data set of industrialized countries
90(10)
4.4.4 Alternative identification: Are reserve currency countries outliers?
100(7)
4.4.5 Robustness checks
107(1)
4.5 Conclusions
107(2)
Appendix 4.A List of variables and data sources
109(3)
Appendix 4.B Sample of countries
112(1)
Appendix 4.C Data sources: Shares of reserve currencies in total foreign exchange reserves
112(1)
Appendix 4.D Regression results: Robustness using fixed sample sizes
112(7)
5 Reserve Accumulation and Financial Crises: From Individual Protection to Systemic Risk
119(42)
5.1 Introduction
119(2)
5.2 Reserves and crises: The links
121(6)
5.2.1 Reserves and domestic crises
122(1)
5.2.2 Reserves and crises in the reserve currency country
123(3)
5.2.3 Reserves and global crises
126(1)
5.3 The optimal amount of reserves
127(13)
5.3.1 The benchmark model
128(3)
5.3.2 Modeling the behavior of the reserve currency country
131(1)
5.3.3 Optimal reserve level in the presence of local and global crises
132(2)
5.3.4 Optimal reserve level in the presence of a global social planner
134(1)
5.3.5 How can the socially optimal level of reserves be implemented?
135(1)
5.3.6 Robustness analysis
136(4)
5.4 Quantitative implications of the model - a calibration analysis
140(11)
5.5 Conclusions
151(1)
Appendix 5.A Uses of reserve income: Investment vs. consumption
151(3)
Appendix 5.B Probit analysis of financial crises
154(7)
6 Global Aspects of Central Bank Policies
161(12)
6.1 Reform of the international monetary system in light of our findings
161(3)
6.2 Global liquidity and central bank cooperation
164(4)
6.2.1 Global liquidity spillovers
164(1)
6.2.2 The political economy of central bank cooperation
165(3)
6.3 The Target system in the Euro area
168(3)
6.4 Outlook
171(2)
Bibliography 173(12)
Index 185
Andreas Steiner is an economist at the ifo Center for Business Cycle Analysis and Surveys. His papers have been published in the European Economic Review, the Review of International Economics, and the Journal of International Money and Finance, among other titles. He has lectured on International Trade Policy, European Economic Policy, and Economic Policy and Public Finance.
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