What drove the massive hoarding of international reserves in Emerging Countries? A time-varying approach

Abstract : The existing empirical models fail to explain the surge in the foreign exchange reserves accumulation by emerging countries during the last decade. In this paper we estimate the demand for international reserves on a panel of emerging countries with a Time-Varying Panel Smooth Threshold Regression model (TV-PSTR) to relax the assumption of coefficients stability in the relationship. First, we find evidence of non-constancy of the parameters. Second, the coefficients are relatively stable until 2000 and have increased gradually and strongly afterwards. Therefore our specification accounts for the acceleration that the linear specifications fail to explain. Third, we find that the mercantilist motives are the major driver of this acceleration.
Type de document :
Communication dans un congrès
27émes Journées d'Economie Monétaire et bancaire / 27th Symposium on Money Banking and Finance, Jun 2010, Bordeaux, France
Liste complète des métadonnées

https://hal-rbs.archives-ouvertes.fr/hal-00657946
Contributeur : Sandrine Palmer <>
Soumis le : lundi 9 janvier 2012 - 15:22:15
Dernière modification le : mardi 10 juillet 2018 - 09:56:02

Identifiants

  • HAL Id : hal-00657946, version 1

Collections

Citation

Anne-Laure Delatte, Julien Fouquau. What drove the massive hoarding of international reserves in Emerging Countries? A time-varying approach. 27émes Journées d'Economie Monétaire et bancaire / 27th Symposium on Money Banking and Finance, Jun 2010, Bordeaux, France. 〈hal-00657946〉

Partager

Métriques

Consultations de la notice

273