Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease?

Chris Kubelec and Filipa Sá
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Chris Kubelec: Royal Bank of Scotland
Filipa Sá: The Geographical Composition of National External Balance Sheets: 1980-2005

International Journal of Central Banking, 2012, vol. 8, issue 2, 143-189

Abstract: This paper constructs a data set on the stocks of bilateral external assets and liabilities for eighteen countries in the period from 1980 to 2005. It distinguishes between four asset classes: foreign direct investment, portfolio equity, debt, and foreign exchange reserves. Network methods are used to explore the key facts that emerge from the data. We find that there has been a remarkable increase in interconnectivity over the past two decades and that this has been centered around a small number of countries. In a simulation exercise we show that shocks to one of the central countries generate much larger losses to the network than shocks to the periphery.

JEL-codes: F3 (search for similar items in EconPapers)
Date: 2012
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