Portfolio-Flow Volatility and Demand for International Reserves
DC Field | Value | Language |
---|---|---|
dc.contributor.author | 최창규 | - |
dc.contributor.author | 백승관 | - |
dc.date.accessioned | 2022-02-07T06:44:34Z | - |
dc.date.available | 2022-02-07T06:44:34Z | - |
dc.date.created | 2022-02-07 | - |
dc.date.issued | 2006 | - |
dc.identifier.issn | 1225-0279 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/hongik/handle/2020.sw.hongik/24874 | - |
dc.description.abstract | This paper examines the importance of portfolio-flow volatility as a determinant of the demand for international reserves over the 1980-99 period. Using panel data, we find that portfolio-flow volatility significantly raises the level of reserve holdings. Especially reserve accumulation is most sensitive to the volatility of portfolio balance (net flows). Capital account liberalization has increased uncertainty in the world economy, thereby making open economies more vulnerable to international financial crises. The regression results imply that monetary authorities have accumulated more precautionary reserve balances against increased uncertainty in portfolio flows as capital account liberalization progresses. As in previous studies, real openness is an important explanatory factor in determining the demand for reserves. | - |
dc.publisher | 서울대학교 경제연구소 | - |
dc.title | Portfolio-Flow Volatility and Demand for International Reserves | - |
dc.title.alternative | Portfolio-Flow Volatility and Demand for International Reserves | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | 백승관 | - |
dc.identifier.bibliographicCitation | Seoul Journal of Economics, v.19, no.2, pp.199 - 214 | - |
dc.relation.isPartOf | Seoul Journal of Economics | - |
dc.citation.title | Seoul Journal of Economics | - |
dc.citation.volume | 19 | - |
dc.citation.number | 2 | - |
dc.citation.startPage | 199 | - |
dc.citation.endPage | 214 | - |
dc.type.rims | ART | - |
dc.identifier.kciid | ART001014541 | - |
dc.description.journalClass | 2 | - |
dc.description.journalRegisteredClass | kci | - |
dc.description.journalRegisteredClass | other | - |
dc.subject.keywordAuthor | Portfolio-flow volatility | - |
dc.subject.keywordAuthor | International reserves | - |
dc.subject.keywordAuthor | Precautionary demand | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
94, Wausan-ro, Mapo-gu, Seoul, 04066, Korea02-320-1314
COPYRIGHT 2020 HONGIK UNIVERSITY. ALL RIGHTS RESERVED.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.