The stability of the demand for international reserves |
| |
| Affiliation: | 1. Istituto Zooprofilattico Sperimentale della Lombardia e dell’Emilia Romagna, Brescia, Italy;2. Istituto Superiore di Sanità, viale Regina Elena 299, 00161 Rome, Italy;3. Programma di Sicurezza Alimentare e Sanità Pubblica Veterinaria, Azienda USL di Piacenza U.O. Sanità Animale, Piacenza, Italy;4. Servizio Territoriale Agricoltura, Caccia e Pesca, Regione Emilia Romagna, Piacenza, Italy;1. Department of Radiation Oncology, Rutgers Cancer Institute of New Jersey, New Brunswick, New Jersey;2. Division of Medical Oncology, Rutgers Cancer Institute of New Jersey, New Brunswick, New Jersey;3. Department of Surgery, Rutgers Robert Wood Johnson Medical School, New Brunswick, New Jersey;4. Rutgers New Jersey Medical School, Rutgers, the State University of New Jersey, Newark, New Jersey;1. Koc University, Turkey;2. University of the Pacific, United States;3. Board of Governors of the Federal Reserve System, United States |
| |
| Abstract: | Empirical studies based on data from the 1960s and 1970s yielded estimated demands for international reserves that have been regarded as stable functions of a limited set of variables, exept during the period surrounding the collapse of the Bretton Woods system. This paper examines the stability of these estimated demands by extending the samles to include data from the 1980s. The new estimation results indicate that the emergenceof external payments difficulties and reduced access to international financial markets of many countries have been accompanied by changes in the changes in the estimated demands for reserves that were as large as those that occurred during the collapse ofthe Bretton Woods system. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
