Replication data for: Financial Stability, the Trilemma, and International Reserves

Principal Investigator(s): View help for Principal Investigator(s) Maurice Obstfeld; Jay C. Shambaugh; Alan M. Taylor

Version: View help for Version V1

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Project Citation:

Obstfeld, Maurice, Shambaugh, Jay C., and Taylor, Alan M. Replication data for: Financial Stability, the Trilemma, and International Reserves. Nashville, TN: American Economic Association [publisher], 2010. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114173V1

Project Description

Summary: The rapid growth of international reserves, a development concentrated in the emerging markets, remains a puzzle. In this paper, we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets. The size of domestic financial liabilities that could potentially be converted into foreign currency (M2), financial openness, the ability to access foreign currency through debt markets, and exchange rate policy are all significant predictors of reserve stocks. Our empirical financial-stability model seems to outperform both traditional models and recent explanations based on external short-term debt. (JEL E23, E43, E44, F31, F32, F34)

Scope of Project

JEL Classification:
      E23 Macroeconomics: Production
      E43 Interest Rates: Determination, Term Structure, and Effects
      E44 Financial Markets and the Macroeconomy
      F31 Foreign Exchange
      F32 Current Account Adjustment; Short-term Capital Movements
      F34 International Lending and Debt Problems

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V1 [2019-10-12]

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