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INTERNATIONAL RESERVES AND STERILIZATION IN INDEBTED AND DOLLARIZED COUNTRIES: AN EFFECTIVE MONETARY POLICY?

Yıl 2011, Cilt: 3 Sayı: 2, 169 - 179, 01.12.2011

Öz

The primary aim of this paper is to explore the effectiveness of Hoarding International Reserves and Sterilization for dollarized and indebted countries such as Turkey and Lebanon, by measuring the sterilization coefficient, and the offset coefficient. It also focuses on exploring the link between the sources of Reserves and the external debt. Using quarterly data collected from the International Monetary Fund and from the Central Banks of Turkey and Lebanon between 1995 and 2010, we applied a 2SLS regression models and we identified explanatory variables that enabled us to estimate the aforementioned coefficients. Our results showed that despite their theoretical practice of sterilization policy, economic constrains of these countries contribute to weaken the efficacy expected from monetary policies

Kaynakça

  • Aizenman J, Jinjarak Y, Park D, 2010, International Reserves and Swap Lines:
  • Substitutes or Complements?; NBER Working Paper, N°15804.
  • Aizenman J, Mai 2009; Financial Crisis and the Paradox of Under -and-Over Regulation;
  • NBER Working Paper N°15018.
  • Aizenman J, Chinn M.D, Ito H. 2008. Assessing the Trilemma Global Financial
  • Architecture: Measuring the Trilemma’s Configuration over Time. NBER Working Paper N° 14533.
  • Aizenman J, Lee J W; 2008; Financial versus Monetary Mercantilism-Long Run View of
  • Large International Reserves Hoarding; Wolrd Economy N°31. Aizenman J, Lee J W, 2007, Hoarding International Reserves Versus a Pigovian Tax
  • Cumb-Subsidy Scheme; NBER working Paper, N° 15484.
  • Aizenman J, Marion N. 2004; International Reserves Holdings with Sovereign risk and costly tax collection, Economic Journal 114, pp 569-91.
  • Caballero R J, Krishnamurthy A; 2001; International Liquidity Illusion: On the Risk of
  • Sterilization; NBER Working Paper, N°8141
  • Calvo 1990: The peril of sterilization, IMF Working Paper N° 90/13.
  • Calvo G, Reinhart C, 1999, Capital Flow Reversals, The exchange Rate Debate and Dollarization, Finance and developpement, A quarerly Magazine of IMF.
  • Calvo G, Reinhart C; 2000: Fear of Floating, NBER Working Paper N°7993.
  • Calvo G, 2006 ; Monetary Policy Challenges in Emerging Markets: Sudden Stop,
  • Liability Dollarization, and Lender of Last Resort, NBER Working Paper N°12788.
  • Christensen J, 2004 ; Capital Inflows, Sterilization, and Commercial Bank Speculation :
  • The case of the Czech Republic in the Mid-1990s, IMF, Paper N° wp/04/218
  • Disyatat, P. et G. Galati (2005) : « The effectiveness of foreign exchange intervention in emerging market economies », BIS Papers, n° 24, pp.97–113.
  • Eichengreen B, Hausmann R; 1999, Exchange Rate and Financial Fragility; NBER Working Paper N°7418.
  • Feige L E, 2003, Dynamic of Currency Substitution, Asset Substitution and de facto
  • Dollarisation and Euroisation in Transition Countries; Comparative Economic Studies, N°45, p.358-383
  • Jeanne O, Rancière R; 200620; The Optimal of International Reserves for Emerging Market
  • Countries: Formulas and Applications, IMF Working Paper, N° 06/229 Obsfeld M, Schambaugh J C, Taylor A M, 2004; Monetary Sovereignty, Exchange Rates and Capital Controls: The Trilemma in the Interwar Period, NBER Working Paper, N°10393.
  • Ouyang A Y, Rajan R S, 2005, Monetary Sterilization in China Since the 1990s: How
  • Much and How Effective? Centre of International Economic University, paper Studies, N°0507
  • authorized for distribution by Pablo Moro
Yıl 2011, Cilt: 3 Sayı: 2, 169 - 179, 01.12.2011

Öz

Kaynakça

  • Aizenman J, Jinjarak Y, Park D, 2010, International Reserves and Swap Lines:
  • Substitutes or Complements?; NBER Working Paper, N°15804.
  • Aizenman J, Mai 2009; Financial Crisis and the Paradox of Under -and-Over Regulation;
  • NBER Working Paper N°15018.
  • Aizenman J, Chinn M.D, Ito H. 2008. Assessing the Trilemma Global Financial
  • Architecture: Measuring the Trilemma’s Configuration over Time. NBER Working Paper N° 14533.
  • Aizenman J, Lee J W; 2008; Financial versus Monetary Mercantilism-Long Run View of
  • Large International Reserves Hoarding; Wolrd Economy N°31. Aizenman J, Lee J W, 2007, Hoarding International Reserves Versus a Pigovian Tax
  • Cumb-Subsidy Scheme; NBER working Paper, N° 15484.
  • Aizenman J, Marion N. 2004; International Reserves Holdings with Sovereign risk and costly tax collection, Economic Journal 114, pp 569-91.
  • Caballero R J, Krishnamurthy A; 2001; International Liquidity Illusion: On the Risk of
  • Sterilization; NBER Working Paper, N°8141
  • Calvo 1990: The peril of sterilization, IMF Working Paper N° 90/13.
  • Calvo G, Reinhart C, 1999, Capital Flow Reversals, The exchange Rate Debate and Dollarization, Finance and developpement, A quarerly Magazine of IMF.
  • Calvo G, Reinhart C; 2000: Fear of Floating, NBER Working Paper N°7993.
  • Calvo G, 2006 ; Monetary Policy Challenges in Emerging Markets: Sudden Stop,
  • Liability Dollarization, and Lender of Last Resort, NBER Working Paper N°12788.
  • Christensen J, 2004 ; Capital Inflows, Sterilization, and Commercial Bank Speculation :
  • The case of the Czech Republic in the Mid-1990s, IMF, Paper N° wp/04/218
  • Disyatat, P. et G. Galati (2005) : « The effectiveness of foreign exchange intervention in emerging market economies », BIS Papers, n° 24, pp.97–113.
  • Eichengreen B, Hausmann R; 1999, Exchange Rate and Financial Fragility; NBER Working Paper N°7418.
  • Feige L E, 2003, Dynamic of Currency Substitution, Asset Substitution and de facto
  • Dollarisation and Euroisation in Transition Countries; Comparative Economic Studies, N°45, p.358-383
  • Jeanne O, Rancière R; 200620; The Optimal of International Reserves for Emerging Market
  • Countries: Formulas and Applications, IMF Working Paper, N° 06/229 Obsfeld M, Schambaugh J C, Taylor A M, 2004; Monetary Sovereignty, Exchange Rates and Capital Controls: The Trilemma in the Interwar Period, NBER Working Paper, N°10393.
  • Ouyang A Y, Rajan R S, 2005, Monetary Sterilization in China Since the 1990s: How
  • Much and How Effective? Centre of International Economic University, paper Studies, N°0507
  • authorized for distribution by Pablo Moro
Toplam 28 adet kaynakça vardır.

Ayrıntılar

Diğer ID JA33CN74PH
Bölüm Makaleler
Yazarlar

Layal Mansour Bu kişi benim

Yayımlanma Tarihi 1 Aralık 2011
Yayımlandığı Sayı Yıl 2011 Cilt: 3 Sayı: 2

Kaynak Göster

APA Mansour, L. (2011). INTERNATIONAL RESERVES AND STERILIZATION IN INDEBTED AND DOLLARIZED COUNTRIES: AN EFFECTIVE MONETARY POLICY?. International Journal of Economics and Finance Studies, 3(2), 169-179.
AMA Mansour L. INTERNATIONAL RESERVES AND STERILIZATION IN INDEBTED AND DOLLARIZED COUNTRIES: AN EFFECTIVE MONETARY POLICY?. IJEFS. Aralık 2011;3(2):169-179.
Chicago Mansour, Layal. “INTERNATIONAL RESERVES AND STERILIZATION IN INDEBTED AND DOLLARIZED COUNTRIES: AN EFFECTIVE MONETARY POLICY?”. International Journal of Economics and Finance Studies 3, sy. 2 (Aralık 2011): 169-79.
EndNote Mansour L (01 Aralık 2011) INTERNATIONAL RESERVES AND STERILIZATION IN INDEBTED AND DOLLARIZED COUNTRIES: AN EFFECTIVE MONETARY POLICY?. International Journal of Economics and Finance Studies 3 2 169–179.
IEEE L. Mansour, “INTERNATIONAL RESERVES AND STERILIZATION IN INDEBTED AND DOLLARIZED COUNTRIES: AN EFFECTIVE MONETARY POLICY?”, IJEFS, c. 3, sy. 2, ss. 169–179, 2011.
ISNAD Mansour, Layal. “INTERNATIONAL RESERVES AND STERILIZATION IN INDEBTED AND DOLLARIZED COUNTRIES: AN EFFECTIVE MONETARY POLICY?”. International Journal of Economics and Finance Studies 3/2 (Aralık 2011), 169-179.
JAMA Mansour L. INTERNATIONAL RESERVES AND STERILIZATION IN INDEBTED AND DOLLARIZED COUNTRIES: AN EFFECTIVE MONETARY POLICY?. IJEFS. 2011;3:169–179.
MLA Mansour, Layal. “INTERNATIONAL RESERVES AND STERILIZATION IN INDEBTED AND DOLLARIZED COUNTRIES: AN EFFECTIVE MONETARY POLICY?”. International Journal of Economics and Finance Studies, c. 3, sy. 2, 2011, ss. 169-7.
Vancouver Mansour L. INTERNATIONAL RESERVES AND STERILIZATION IN INDEBTED AND DOLLARIZED COUNTRIES: AN EFFECTIVE MONETARY POLICY?. IJEFS. 2011;3(2):169-7.