NDLI: The equilibrium level and dynamic adjustment study of Chinese international exchange reserves from the viewpoint of financial stability

Content Provider	IEEE Xplore Digital Library
Author	Gu Yu Shi Jin-yan Ma Qian
Copyright Year	2011
Description	Author affiliation: School of Economics, Dalian Universtiy of Technology, P.R. China, 116024 (Gu Yu; Shi Jin-yan; Ma Qian)
Abstract	From the viewpoint of financial stability, this paper sets up the demand model for Chinese international reserves by extending the buffer-stock model of international reserves. The empirical analysis shows that the extended buffer-stock model is applicable to Chinese international reserves. The underlying factor resulting in the growth of reserves is the export-oriented economic development pattern. More FDI and the strengthening of financial deepening will increase the demand for precautionary international reserves. Further, this paper uses the Heaviside function to partition the VECM and finds Chinese international reserves misalignment will move towards its equilibrium level asymmetrically in short term. Moreover, the change of US monetary policy and exchange rate would impact the short-term adjustment process.
Starting Page	869
Ending Page	875
File Size	143217
Page Count	7
File Format	PDF
ISBN	9781457718854
ISSN	21551855
e-ISBN	9781457718885
DOI	10.1109/ICMSE.2011.6070062
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2011-09-13
Publisher Place	Italy
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Exchange rates Analytical models asymmetric VECM Economic indicators TARCH financial stability international reserves Stability analysis Heaviside function Mathematical model Equations
Content Type	Text
Resource Type	Article

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