Accounting for emerging market countries' international reserves: Are Pacific Rim countries different?

• Published in: Journal of international money and finance Vol. 49; pp. 52 - 82
• Main Authors: Ghosh, Atish R., Ostry, Jonathan D., Tsangarides, Charalambos G.
• Format: Journal Article
• Language: English
• Published: Kidlington Elsevier Ltd 01.12.2014; Elsevier Science Ltd
• Subjects: Accounting; Bank reserves; Current accounts; Economic shock; Economic theory; Emerging markets; Insurance; International reserves; Market economies; Market economy; Mercantilism; Precautionary demand; Quantile regression; Reserve assets; Studies; Asia-Pacific region; Mercantilism; International reserves; F43; F31; E58; Precautionary demand; F15; Quantile regression

Popular perception is that emerging market economies (EMEs), and Asian Pacific Rim countries—China, Indonesia, Korea, Malaysia, Philippines, Thailand, and Vietnam (RIMs)—in particular, have been rapidly accumulating reserves, perhaps beyond what is justified by precautionary motives. This paper comp...