Arbeitspapier
Financial versus monetary mercantilism-long-run view of large international reserves hoarding
The sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism - hoarding international reserves in order to improve competitiveness. From a long-run perspective, manufacturing exporters in East Asia adopted financial mercantilism-subsidizing the cost of capital- during decades of high growth. They switched to hoarding large international reserves when growth faltered, making it harder to disentangle the monetary mercantilism from precautionary response to the heritage of past financial mercantilism. Monetary mercantilism also lowers the cost of hoarding, but may be associated with negative externalities leading to competitive hoarding.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 627
- Klassifikation
-
Wirtschaft
Economic Integration
Foreign Exchange
Economic Growth of Open Economies
- Thema
-
Mercantilism
cost of capital
competitive real depreciations
self insurance
precautionary hoarding
Währungsreserven
Internationaler Wettbewerb
Wirtschaftswachstum
Merkantilismus
Ostasien
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Aizenman, Joshua
Lee, Jaewoo
- Ereignis
-
Veröffentlichung
- (wer)
-
University of California, Economics Department
- (wo)
-
Santa Cruz, CA
- (wann)
-
2006
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Aizenman, Joshua
- Lee, Jaewoo
- University of California, Economics Department
Entstanden
- 2006
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