Demand for international reserves: evidence from East Asia
This paper examines the demand for international reserves in nine East Asian economies during the period 1970-2005 using panel cointegration and Fully Modified Ordinary Least Squares (FMOLS). The panel cointegration tests find the existence of a long-run relationship between the demand for internati...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Inderscience Enterprises
2009
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| Online Access: | http://psasir.upm.edu.my/id/eprint/13887/1/Demand%20for%20international%20reserves%20evidence%20from%20East%20Asia.pdf http://psasir.upm.edu.my/id/eprint/13887/ https://www.inderscienceonline.com/doi/abs/10.1504/AJFA.2009.026485 |
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| Summary: | This paper examines the demand for international reserves in nine East Asian economies during the period 1970-2005 using panel cointegration and Fully Modified Ordinary Least Squares (FMOLS). The panel cointegration tests find the existence of a long-run relationship between the demand for international reserves and its determinants. The panel group FMOLS results indicate that current account balance and total external debt are statistically significant and exert a positive and negative impact, respectively, on the demand for international reserves in East Asia. |
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