Arbeitspapier
Evaluating Asian swap arrangements
Motivated by the unprecedented rise of swap agreements between the central banks of developed economies and their developing economy counterparts, this paper evaluates Asian swap arrangements and their association with the build-up of foreign reserves prior to the 2008-2009 global financial crisis. The evidence suggests that there is a limited scope for swaps to substitute for reserves. Furthermore, the selectivity of the swap lines indicates that only countries with significant trade and financial linkages can expect access to such ad hoc arrangements, on a case by case basis. Moral hazard concerns suggest that the applicability of these arrangements will remain limited. However, deepening swap agreements and regional reserve pooling arrangements may weaken the precautionary motive for reserve accumulation.
- Language
-
Englisch
- Bibliographic citation
-
Series: ADBI Working Paper ; No. 297
- Classification
-
Wirtschaft
Economic Integration
Foreign Exchange
Current Account Adjustment; Short-term Capital Movements
- Subject
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Swap
Währungsreserven
Reservewährung
US-Dollar
Finanzmarktkrise
Wechselkurspolitik
Südkorea
- Event
-
Geistige Schöpfung
- (who)
-
Aizenman, Joshua
Jinjarak, Yothin
Park, Donghyun
- Event
-
Veröffentlichung
- (who)
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Asian Development Bank Institute (ADBI)
- (where)
-
Tokyo
- (when)
-
2011
- 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
- Jinjarak, Yothin
- Park, Donghyun
- Asian Development Bank Institute (ADBI)
Time of origin
- 2011
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