دانلود مقاله ISI انگلیسی شماره 47227
عنوان فارسی مقاله

اثرات ترازنامه ، ذخایر ارزی و سیاست های عمومی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
47227 2015 20 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Balance sheet effects, foreign reserves and public policies ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Money and Finance, Volume 59, December 2015, Pages 146–165

کلمات کلیدی
ذخایر خارجی - عدم تطابق نرخ ارز - اثرات ترازنامه
پیش نمایش مقاله
پیش نمایش مقاله اثرات ترازنامه ، ذخایر ارزی و سیاست های عمومی

چکیده انگلیسی

This paper shows that countries can use foreign reserves to enhance their domestic economies' resilience to potential risks from balance sheet effects. Based on a theoretical model, this paper demonstrates that the government can either deploy its foreign reserves to lend in foreign currency to the private sector or increase fiscal spending on domestic goods. Both these policy tools can remedy the bad equilibrium characterized by large-scale domestic currency depreciation and very low aggregate investment, but they diverge in how they stabilize the domestic economy and require different minimum amounts of foreign reserves. Targeted lending works by altering investors' expectations of the domestic exchange rate and of firms' net worth. As long as foreign reserves are sufficient to cover the private sector's external debt, this approach eliminates the bad equilibrium without an actual depletion of reserves. In contrast, fiscal spending increases the demand for domestic goods and affects the relative price, leading to domestic exchange rate appreciation that subsequently increases firms' net worth and facilitates investment.

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