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150128 ||| eng |
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|a 9781451867107
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| 100 |
1 |
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|a Mendoza, Enrique
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| 245 |
0 |
0 |
|a Precautionary Demand for Foreign Assets in Sudden Stop Economies
|b An Assessment of the New Merchantilism
|c Enrique Mendoza, Ceyhun Bora Durdu, Marco Terrones
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2007
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| 300 |
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|a 54 pages
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| 651 |
|
4 |
|a Mexico
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| 653 |
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|a Wealth
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| 653 |
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|a Economics
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| 653 |
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|a Investments, Foreign
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| 653 |
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|a Saving
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| 653 |
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|a Globalization: General
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| 653 |
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|a Balance of payments
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| 653 |
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|a Long-term Capital Movements
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| 653 |
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|a External position
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| 653 |
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|a Exports and Imports
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| 653 |
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|a International economics
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| 653 |
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|a Globalization
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| 653 |
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|a National accounts
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| 653 |
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|a Foreign assets
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| 653 |
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|a Precautionary savings
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| 653 |
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|a Saving and investment
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| 653 |
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|a Consumption
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Sudden stops
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| 653 |
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|a Macroeconomics: Consumption
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| 653 |
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|a Capital movements
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| 653 |
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|a International Investment
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| 700 |
1 |
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|a Durdu, Ceyhun Bora
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| 700 |
1 |
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|a Terrones, Marco
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781451867107.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2007/146/001.2007.issue-146-en.xml?cid=21023-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops in the 1990s. The surge in foreign reserves since then is viewed as a New Merchantilism in which reserves are a war-chest for defense against Sudden Stops. We conduct a quantitative assessment of this argument using a framework in which precautionary savings affect foreign assets via business cycle volatility, financial globalization, and endogenous Sudden Stops. Our results show that financial globalization and Sudden Stop risk are plausible explanations of the surge in reserves but cyclical volatility, which has declined in the globalization period, is not
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