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    International Reserves and Swap Lines in Times of Financial Distress: Overview and Interpretations

    Aizenman, Joshua | February 2010
    Abstract
    In this paper I review the use of precautionary measures aimed at mitigating emerging markets’ exposure to fragility associated with financial integration. The discussion draws possible lessons from the ongoing global liquidity crisis. The fear of losing international reserves (IR) constrained most emerging markets more than the fear of floating. The fear of using IR during a crisis suggests that emerging markets (EMs) opt to revisit the gains from financial globalization. High levels of IR may be required for the self insurance offered by those reserves to be effective. Under such circumstances, countries may benefit by supplementing the hoarding of IR with Pigovian tax-cum-subsidy policies. These policies would reduce external borrowing, and would fund the marginal hoarding of IR. The fear of losing IR also suggests a greater demand for regional pooling arrangements and swap lines as well as possible new roles for international financial institutions (IFI).
    Citation
    Aizenman, Joshua. 2010. International Reserves and Swap Lines in Times of Financial Distress: Overview and Interpretations. © Asian Development Bank. http://hdl.handle.net/11540/3780. License: CC BY 3.0 IGO.
    Keywords
    Trade Finance
    Risk Financing
    Regional Development Finance
    Public Finance
    Infrastructure Financing
    Financing of Infrastructure
    Financial Security
    Financial Intermediation
    Finance And Trade
    Enterprise Financing
    Trade Regulation
    Trade Finance
    Regional Trade Agreements
    General Agreement On Tariffs And Trade
    Taxation
    Business Financing
    Investment Requirements
    Capital Needs
    Tax Incentives
    Project Risks
    Tariff agreements
    Customs convetions
    Import policy
    Export policy
    Investments
    Finance
    Market
    Markets
    Use tax
    Tax administration and procedure
    Taxing power
    Effect of taxation
    Business enterprises
    Foreign trade and employment
    Mentoring in business
    Trade routes
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    Citable URI
    http://hdl.handle.net/11540/3780
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    Author
    Aizenman, Joshua
    Theme
    Finance
    Trade
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise