Do Exchange Rate Shocks Have Asymmetric Effects on Reserve Accumulation? Evidence from Emerging Markets

Shiu Sheng Chen, Tzu-Yu Lin

研究成果: Article同行評審

摘要

It is generally argued that central banks in emerging market countries, motivated by a desire to defend export competitiveness, tend to intervene in foreign exchange markets to limit currency appreciations rather than depreciations. Using panel data from 13 emerging market countries for the period 1998:M1 to 2016:M12, we find that exchange rate shocks play an important role in determining the accumulation of international reserves. Moreover, we find evidence that central banks in emerging markets tend to follow a “leaning against the depreciation wind” policy, rather than the appreciation wind (i.e., we provide evidence of a “fear of depreciation”).

原文English
頁(從 - 到)1561-1586
頁數26
期刊Scandinavian Journal of Economics
121
發行號4
DOIs
出版狀態Published - 2019 十月 1

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics

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