Macroeconomic impacts of China’s foreign exchange reserve accumulation: a vector autoregression analysis using pure-sign-restriction approach

References

• Ahmad, A. H., and E. J. Pentecost. 2006. “Exchange Rate and International Reserves: A Threshold Cointegration Analysis.” 14th Annual conference on econometric modeling for Africa, Nigeria, July 8-10. http://www.africametrics.org/documents/conference09/papers/Ahmad_Pentecost.pdf
   Google Scholar
• Aizenman, J., and R. Glick. 2009. “Sterilization, Monetary Policy and Global Financial Integration.” Review of International Economics 17 (4): 777–801. doi:10.1111/j.1467-9396.2009.00848.x.
   Web of Science ®Google Scholar
• Aizenman, J., and J. Lee. 2008. “Financial versus Monetary Mercantilism: Long-run View of Large International Reserves Hoarding.” The World Economy 31 (5): 593–611. doi:10.1111/j.1467-9701.2008.01095.x.
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M. 1985. “Demand for International Reserves: Survey of Recent Empirical Studies.” Applied Economics 17 (2): 359–375. doi:10.1080/00036848500000031.
   Web of Science ®Google Scholar
• Benigno, G., and L. Fornaro. 2012. “Reserve Accumulation, Growth and Financial Crises.” CEP Discussion Paper No. 1161. http://cep.lse.ac.uk/pubs/download/dp1161.pdf
   Google Scholar
• Bernanke, B. S. 1986. “Alternative Explanations of the Money–income Correlation.” Carnegie- Rochester Conference Series on Public Policy, Elsevier 25 (1): 49–99. doi:10.1016/0167-2231(86)90037-0.
   Google Scholar
• Blanchard, O., and D. Quah. 1989. “The Dynamic Effects of Aggregate Demand and Supply Disturbances.” American Economic Review 79 (4): 655–673. http://www.jstor.org/stable/1827924.
   Web of Science ®Google Scholar
• Blanchard, O., and M. Watson. 1986. “Are all Business Cycles Alike?” In The American Business Cycle, edited by R. J. Gordon, 123–160. Chicago: University of Chicago Press.
   Google Scholar
• Dominguez, K., Y. Hashimoto, and T. Ito. 2012. “International Reserves and the Global Financial Crisis.” Journal of International Economics 88 (2): 388–406. doi:10.1016/j.jinteco.2012.03.003.
   Web of Science ®Google Scholar
• Frankel, J. A., and S. Wei. 2007. “Assessing China’s Exchange Rate Regime.” Economic Policy 22 (51): 576–627. doi:10.1111/j.1468-0327.2007.00185.x.
   Google Scholar
• Fukuda, S., and Y. Kon. 2010. “Macroeconomic Impacts of Foreign Exchange Reserve Accumulation: Theory and International Evidence.” ADBI Working Paper. Tokyo: Asian Development Bank Institute. http://www.adbi.org/working-paper/2010/02/19/3515.macroeconomic.impact.forex.reserve.accumulation/
   Google Scholar
• Korinek, A., and L. Servén. 2016. “Undervaluation through Foreign Reserve Accumulation: Static Losses, Dynamic Gains.” Journal of International Money and Finance 64: 104–136. doi:10.1016/j.jimonfin.2016.02.012.
   Web of Science ®Google Scholar
• Kruskovic, B. D., and T. Maricic. 2015. “Empirical Analysis of the Impact Foreign Exchange Reserves to Economic Growth in Emerging Economics.” Applied Economics and Finance 2 (1): 102–109. doi:10.11114/aef.v2i1.653.
   Google Scholar
• Mohanty, M. S., and P. Turner. 2006. “Foreign Exchange Reserve Accumulation in Emerging Markets: What are the Domestic Implications?” BIC Quarterly Review 39–52. http://www.bis.org/publ/qtrpdf/r_qt0609f.pdf.
   Google Scholar
• Moore, W., and A. Glean. 2016. “Foreign Exchange Reserve Adequacy and Exogenous Shocks.” Applied Economics 48 (6): 490–501. doi:10.1080/00036846.2015.1083085.
   Web of Science ®Google Scholar
• Mountford, A., and H. Uhlig. 2009. “What are the Effects of Fiscal Policy Shocks?” Journal of Applied Econometrics 24: 960–992. doi:10.1002/jae.1079.
   Web of Science ®Google Scholar
• Perron, P., and T. Yabu. 2009. “Estimating Deterministic Trends with an Integrated or Stationary Noise Component.” Journal of Econometrics 151 (1): 56–69. doi:10.1016/j.jeconom.2009.03.011.
   Web of Science ®Google Scholar
• Polterovich, V., and V. Popov. 2003. “Accumulation of Foreign Exchange Reserves and Long Term Growth.” NES Working Paper. doi:10.2139/ssrn.1751866.
   Google Scholar
• Sims, C.A. 1986. “Are Forecasting Models Usable for Policy Analysis.” Minneapolis Federal Reserve Bank Quarterly Review Winter, 2–16 http://down.cenet.org.cn/upfile/54/2005122215154115.pdf
   Google Scholar
• Steiner, A. 2010. “Central Banks’ Dilemma: Reserve Accumulation, Inflation and Financial Instability.” Working paper, Institute of Empirical Economic Research, University of Osnabrück. http://web.fb9.uni-osnabrueck.de/repec/iee/wpaper/12906268_WP_84.pdf
   Google Scholar
• Suardi, S., and Y. Chang. 2012. “Are Changes in Foreign Exchange Reserves a Good Proxy for Official Intervention?” Journal of International Financial Markets, Institutions and Money 22 (4): 678–695. doi:10.1016/j.intfin.2012.04.004.
   Web of Science ®Google Scholar
• Szulczyk, K.R. 2013. “The Money Supply Process.” Chap. 11 in Money, Banking, and International Finance. United States, South Carolina, North Charleston: CreateSpace Independent Publishing Platform
   Google Scholar
• Uhlig, H. 2005. “What are the Effects of Monetary Policy on Output? Results from an Agnostic Identification Procedure.” Journal of Monetary Economics 52: 381–419. doi:10.1016/j.jmoneco.2004.05.007.
   Web of Science ®Google Scholar
• Usman, A., and I. Waheed. 2010. “External Reserve Holdings in Nigeria: Implications for Investment, Inflation and Exchange Rate.” Journal of Economics and International Finance 2 (9): 183–189. http://academicjournals.org/article/article1379511400_Abdullateef%20and%20Waheed.pdf.
   Google Scholar
• Vallence, C. 2012. “Foreign Exchange Reserves and the Reserve Bank’s Balance Sheet.” RBA Bulletin, Reserve Bank of Australia, 57–64. http://www-ho.rba.gov.au/publications/bulletin/2012/dec/pdf/bu-1212-7.pdf
   Google Scholar