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.
- Language
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Englisch
- Bibliographic citation
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Series: Working Paper ; No. 627
- Classification
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Wirtschaft
Economic Integration
Foreign Exchange
Economic Growth of Open Economies
- Subject
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Mercantilism
cost of capital
competitive real depreciations
self insurance
precautionary hoarding
Währungsreserven
Internationaler Wettbewerb
Wirtschaftswachstum
Merkantilismus
Ostasien
- Event
-
Geistige Schöpfung
- (who)
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Aizenman, Joshua
Lee, Jaewoo
- Event
-
Veröffentlichung
- (who)
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University of California, Economics Department
- (where)
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Santa Cruz, CA
- (when)
-
2006
- Handle
- Last update
-
10.03.2025, 11:45 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
- Aizenman, Joshua
- Lee, Jaewoo
- University of California, Economics Department
Time of origin
- 2006
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