Le retour des motifs mercantilistes dans la demande de réserves internationales des pays émergents

Anne-Laure Delatte and Julien Fouquau

Revue économique, 2012, vol. 63, issue 5, 1013-1023

Abstract: According to the existing empirical literature, Central Banks in emerging countries accumulate international reserves exclusively for precautionary motives. In sum, they would hoard reserves to hedge against sudden-stop episodes. This explanation is convincing until the nineties, but it neglects the fact that emerging economies which were net international debtors have become net creditors since then. In this paper, we test the hypothesis that the motives for international reserves hoarding are not stable during the period. We estimate the demand for international reserves in a panel of emerging countries from 1981 to 2007 with a time-varying panel smooth transition model (tv-pstr). We find evidence of non-linearity and the relationship is found to change gradually over time. We show that the relative weight of the determinants has changed over time, i.e. the precautionary motives have faded away in favor of mercantilist motives. Classification JEL : C23, E58, F31, F41.

JEL-codes: C23 E58 F31 F41 (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=RECO_635_1013 (application/pdf)
http://www.cairn.info/revue-economique-2012-5-page-1013.htm (text/html)
free

Related works:
Working Paper: Le retour des motifs mercantilistes dans la demande de réserves internationales des pays émergents (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:recosp:reco_635_1013

Access Statistics for this article

More articles in Revue économique from Presses de Sciences-Po
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().