ضد بحران تراز پرداخت
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|79598||2016||17 صفحه PDF||سفارش دهید||8490 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Macroeconomics, Volume 48, June 2016, Pages 186–202
China and Switzerland have recently experienced foreign exchange reserve accumulation far in excess of what would be implied by the literature on optimal reserves. Using a dynamic general equilibrium model, we show that the credible expectation of an upper limit to how many reserves a country is willing to accumulate would lead to a balance-of-payments anti-crisis. This is characterized by an accelerated pre-crisis accumulation of foreign exchange reserves, followed by a collapse of the monetary target that is instantaneous under exchange rate targeting and gradual under price level targeting. We argue that Switzerland has recently experienced such an event.