Download Global Imbalances, Financial Crises, and Central Bank by Andreas Steiner PDF

By Andreas Steiner

Global Imbalances, monetary Crises, and valuable financial institution Policies assesses the relationships among international imbalances, monetary crises, and significant financial institution guidelines, with a selected specialize in their reserves. The publication includes a strictly foreign standpoint with an research according to empirical study that permits the reader to advance an analytical version that emphasizes interactions between person primary banks. With this cutting edge method, the e-book develops a brand new approach for outlining an optimum call for for reserves. furthermore, the booklet describes implications for monetary reforms that will finally be extra very important than its empirical findings.

  • Presents a scientific account of the connection among the build-up of reserves and relevant financial institution policies
  • Emphasizes a world view of forex reserves, that is frequently missed in analyses in their effect
  • Includes datasets in addition to all illustrations and figures in on-line ancillary materials

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Example text

It focuses on the question whether reserve currency status can be held accountable for a downward shift in the current account. 4. 2 Implications of reserve currency status This section discusses the theoretical argument that the reserve-providing country faces relaxed external financing constraints. , 2010): Thanks to the foreign demand for reserve assets, its balance of payments constraint is relaxed and it can more easily run current account deficits. 1 Literature review A number of theoretical models explore the implications of key currency status.

2 What is the role of official capital in the current account balance? 3 Which factors are major determinants of the US current account balance? 4 How do official and private capital flows interact? 1 Introduction The global financial crisis of 2008–10 has revived the discussion about the causes and consequences of global imbalances and the net capital flows they involve. Global imbalances are considered to be among the causing factors of the global financial crisis (see Aizenman, 2010; Belke and Gros, 2010; Ferguson and Schularick, 2011; IMF, 1 This is an extended and updated version of Steiner (2014a).

20 The Hausman test rejects a random effects specification. 16 71 Notes: The dependent variable is the current account balance to GDP ratio. RCC is a dummy variable that takes on the value one for the following reserve currency countries: France, Germany, Japan, the Netherlands, Switzerland and the UK. Estimation by OLS including country fixed effects. Robust t-statistics are reported in parentheses. Standard errors are estimated robust to intragroup correlations. The symbols ∗ , ∗∗ and ∗∗∗ denote statistical significance at the 10%, 5% and 1% levels, respectively.

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