Regime dependence, Mrs. Machlup's wardrobe and the accumulation of international reserves in Asia

Victor Pontines and Li Yongqiang

Economics Letters, 2011, vol. 110, issue 3, 231-234

Abstract: An old yet rarely explored motive of hoarding international reserves advanced by Machlup (1966) is examined. Reserve accumulation behavior in Asia is driven by a psychological desire to keep up with neighboring countries, i.e., 'keeping up with the Joneses effect'.

Keywords: Regime; dependence; Mrs.; Machlup's; wardrobe; Keeping; up; with; the; Joneses; Accumulation; of; international; reserves; Peer; countries (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:110:y:2011:i:3:p:231-234

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