TY  - BOOK
AU  - Sharma,Sunil
AU  - Choi,Woon Gyu
AU  - Sharma,Sunil
AU  - Strömqvist,Maria
TI  - Capital Flows, Financial Integration, and International Reserve Holdings: The Recent Experience of Emerging Markets and Advanced Economies 
T2  - IMF Working Papers; Working Paper
SN  - 1451867158 :
SN  - 1018-5941
PY  - 2007///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Capital Markets
KW  - imf
KW  - Net Capital Flows
KW  - Net Capital
KW  - Panel Data
KW  - Sovereign Liquidity
KW  - Stockpiling Motive
KW  - China, People's Republic of
KW  - Hong Kong Special Administrative Region of China
KW  - Korea, Republic of
KW  - Singapore
N2  - This paper examines the interaction between capital flows and international reserve holdings in the context of increasing financial integration. For emerging markets the sensitivity of reserves to net capital flows was negative in the 1980s, but became positive after the Asian crisis when these countries used net capital flows to build up reserves. For advanced countries, net capital flows had a negative effect on reserves, especially in recent years. Using measures of financial globalization, we also provide evidence that the sensitivity of reserves to net capital flows increased with globalization for emerging markets while it decreased for advanced countries
UR  - http://elibrary.imf.org/view/IMF001/08487-9781451867152/08487-9781451867152/08487-9781451867152.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451867152
ER  -