Arbeitspapier
International reserves and fiscal policy in developing countries
This paper investigates empirically the relationship between the pattern of fiscal policy and the demand for international reserves in developing countries, and how this relationship is associated with political risk and conditional access to global capital markets. It finds evidence that for developing countries with low political risk, countercyclical (procyclical) fiscal policies are associated with higher (lower) international reserve holdings in economic downturns. The relationship is stronger when the countries with low political risk rely heavily on external financing. For developing countries with high political risk, the link between reserves holdings and fiscal policy pattern is not clear-cut.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 06-18
- Classification
-
Wirtschaft
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
Fiscal Policy
International Lending and Debt Problems
Open Economy Macroeconomics
- Subject
-
international reserves
fiscal policy
political risk
Währungsreserven
Internationaler Kredit
Finanzpolitik
Internationaler Finanzmarkt
Länderrisiko
Entwicklungsländer
- Event
-
Geistige Schöpfung
- (who)
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Zhou, Yan
- Event
-
Veröffentlichung
- (who)
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University of California, Santa Cruz Institute for International Economics (SCIIE)
- (where)
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Santa Cruz, CA
- (when)
-
2007
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Zhou, Yan
- University of California, Santa Cruz Institute for International Economics (SCIIE)
Time of origin
- 2007
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