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| Titel: |
The social cost of foreign exchange reserves |
| Auteur: |
Rodrik, Dani |
| Verschenen in: |
International economic journal |
| Paginering: | Jaargang 20 (2006) nr. 3 pagina's 253-266 |
| Jaar: |
2006-09-01 |
| Inhoud: |
There has been a very rapid rise since the early 1990s in foreign reserves held by developing countries. These reserves have climbed to almost 30% of developing countries' GDP and 8 months of imports. Assuming reasonable spreads between the yield on reserve assets and the cost of foreign borrowing, the income loss to these countries amounts to close to 1% of GDP. Conditional on existing levels of short-term foreign borrowing, this does not seem too steep a price as an insurance premium against financial crises. But why developing countries have not tried harder to reduce short-term foreign liabilities in order to achieve the same level of liquidity (thereby paying a smaller cost in terms of reserve accumulation) remains an important puzzle. |
| Uitgever: |
Routledge |
| Bronbestand: |
Elektronische Wetenschappelijke Tijdschriften |
Details van artikel 8 van 8 gevonden artikelen
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