Financial versus monetary mercantilism-long-run view of large international reserves hoarding:
The sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism -- hoarding international reserves in order to improve competitiveness. From a long-run perspective, manufacturing exporters in East Asia adopted...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2006
|
| Series: | Working paper series / National Bureau of Economic Research
12718 |
| Online Access: | Volltext |
| Summary: | The sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism -- hoarding international reserves in order to improve competitiveness. From a long-run perspective, manufacturing exporters in East Asia adopted financial mercantilism -- subsidizing the cost of capital -- during decades of high growth. They switched to hoarding large international reserves when growth faltered, making it harder to disentangle the monetary mercantilism from precautionary response to the heritage of past financial mercantilism. Monetary mercantilism also lowers the cost of hoarding, but may be associated with negative externalities leading to competitive hoarding. |
| Item Description: | Literaturverz. S. 21 - 22 |
| Physical Description: | 22 S. graph. Darst. 22 cm |
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| indexdate | 2024-07-09T21:25:13Z |
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| spelling | Aizenman, Joshua 1949- Verfasser (DE-588)124080057 aut Financial versus monetary mercantilism-long-run view of large international reserves hoarding Joshua Aizenman ; Jaewoo Lee Cambridge, Mass. National Bureau of Economic Research 2006 22 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 12718 Literaturverz. S. 21 - 22 The sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism -- hoarding international reserves in order to improve competitiveness. From a long-run perspective, manufacturing exporters in East Asia adopted financial mercantilism -- subsidizing the cost of capital -- during decades of high growth. They switched to hoarding large international reserves when growth faltered, making it harder to disentangle the monetary mercantilism from precautionary response to the heritage of past financial mercantilism. Monetary mercantilism also lowers the cost of hoarding, but may be associated with negative externalities leading to competitive hoarding. Yi, Chae-u Verfasser (DE-588)130560308 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 12718 (DE-604)BV002801238 12718 http://papers.nber.org/papers/w12718.pdf kostenfrei Volltext |
| spellingShingle | Aizenman, Joshua 1949- Yi, Chae-u Financial versus monetary mercantilism-long-run view of large international reserves hoarding |
| title | Financial versus monetary mercantilism-long-run view of large international reserves hoarding |
| title_auth | Financial versus monetary mercantilism-long-run view of large international reserves hoarding |
| title_exact_search | Financial versus monetary mercantilism-long-run view of large international reserves hoarding |
| title_exact_search_txtP | Financial versus monetary mercantilism-long-run view of large international reserves hoarding |
| title_full | Financial versus monetary mercantilism-long-run view of large international reserves hoarding Joshua Aizenman ; Jaewoo Lee |
| title_fullStr | Financial versus monetary mercantilism-long-run view of large international reserves hoarding Joshua Aizenman ; Jaewoo Lee |
| title_full_unstemmed | Financial versus monetary mercantilism-long-run view of large international reserves hoarding Joshua Aizenman ; Jaewoo Lee |
| title_short | Financial versus monetary mercantilism-long-run view of large international reserves hoarding |
| title_sort | financial versus monetary mercantilism long run view of large international reserves hoarding |
| url | http://papers.nber.org/papers/w12718.pdf |
| volume_link | (DE-604)BV002801238 |
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