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2011
- handle: 10670/1.3av8rt
- hal: hal-00822326
- doi: 10.1080/00036846.2010.489886
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info:eu-repo/semantics/altIdentifier/doi/10.1080/00036846.2010.489886
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Contracts and specifications Contracts and specifications World literature Western literature (Western countries) Belles-lettres Article Pattern Model Proof Kinetics Dynamical systems Resultants Foreign reserves (Foreign exchange reserves) International reserves (Foreign exchange reserves) Currency reserves, Foreign Reserves, Foreign exchange Foreign currency reserves comptabilitéCiter ce document
Anne-Laure Delatte et al., « The determinants of International Reserves in the Emerging countries: a non linear approach », HAL-SHS : économie et finance, ID : 10.1080/00036846.2010.489886
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Résumé
In this article, we adopt a nonlinear approach to examine the dynamics of the international reserves holdings by the emerging economies. To do so, we estimate the demand for international reserves with a Panel Smooth Transition Regression (PSTR) model that loosens two restricting hypotheses, homogeneity and time-stability. We find evidence for the presence of a nonlinear behaviour in the demand for international reserves, a result that is new to the literature. The coefficients are found to change smoothly, as a function of two threshold variables - out of five candidates tested in total. Our specification accounts for the acceleration of foreign exchange reserves accumulation that the linear specifications fail to explain.