000			02850nam a22004574a 4500
001			WPIEA2012034
003			IMF
005			20190408083328.0
006			m o d
007			cr cn|||||||||
008			020129s2012 dcu o i00 0 eng d
020			_a1463933193 : _c18.00 USD
020			_z9781463933197
022			_a1018-5941
024	7		_a10.5089/9781463933197.001 _2doi
035			_a(IMF)WPIEA2012034
040			_aDcWaIMF _beng
100	1		_aGhosh, Atish R.
245	1	0	_aShifting Motives _h[electronic resource] : _bExplaining the Buildup in official Reserves in Emerging Markets Since the 1980's / _cAtish R Ghosh.
260			_aWashington, D.C. : _bInternational Monetary Fund, _c2012.
300			_a1 online resource (39 p.)
490	1		_aIMF Working Papers; Working Paper ; _vNo. 12/34
520	3		_aWhy have emerging market economies (EMEs) been stockpiling international reserves? We find that motives have varied over time?vulnerability to current account shocks was relatively important in the 1980s but, as EMEs have become more financially integrated, factors related to the magnitude of potential capital outflows have gained in importance. Reserve accumulation as a by-product of undervalued currencies has also become more important since the Asian crisis. Correspondingly, using quantile regressions, we find that the reason for holding reserves varies according to the country's position in the global reserves distribution. High reserve holders, who tend to be more financially integrated, are motivated by insurance against capital account rather than current account shocks, and are more sensitive to the cost of holding reserves than are low-reserve holders. Currency undervaluation is a significant determinant across the reserves distribution, albeit for different reasons.
588			_aDescription based on print version record.
650		7	_aEconomic Growth of Open Economies _2imf
650		7	_aExchange Rate Regime _2imf
650		7	_aExchange Rate _2imf
650		7	_aQuantile Regression _2imf
650		7	_aReserve Holdings _2imf
650		7	_aShort-Term Debt _2imf
651		7	_aArgentina _2imf
651		7	_aBulgaria _2imf
651		7	_aChina, People's Republic of _2imf
651		7	_aDominican Republic _2imf
651		7	_aMexico _2imf
700	1		_aOstry, Jonathan David.
700	1		_aTsangarides, Charalambos G.
776	0	8	_iPrint Version: _aGhosh, Atish R. _tShifting Motives : Explaining the Buildup in official Reserves in Emerging Markets Since the 1980's _dWashington, D.C. : International Monetary Fund, 2012. _z9781463933197
830		0	_aIMF Working Papers; Working Paper ; _vNo. 12/34
856	4	0	_uhttp://elibrary.imf.org/view/IMF001/12596-9781463933197/12596-9781463933197/12596-9781463933197.xml _zIMF e-Library
856	4	0	_uhttp://www.imfbookstore.org/IMFORG/9781463933197 _zIMF Book Store
999			_c166149 _d166149