A Macroprudential Theory of Foreign Reserve Accumulation
收藏NBER2019-09-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w26236
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资源简介：
This paper proposes a theory of foreign reserves as macroprudential policy. We study an open economy model of financial crises, in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient
提供机构：
美国国家经济研究局
创建时间：
2019-09-01
