Series: IMF Working Papers
Author(s): Joshua Aizenman , and Jaewoo Lee
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 October 2005
Keywords: mercantilist, hoarding, capital account liberalization, financial intermediation, stock of capital, Economic Growth of Open Economies,
This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries. Overall, empirical results support precautionary motives; in particula...