Alberola, Enrique
[VerfasserIn]
;
Erce, Aitor
[Sonstige Person, Familie und Körperschaft];
Serena, José María
[Sonstige Person, Familie und Körperschaft]
International Reserves and Gross Capital Flows - Dynamics During Financial Stress
Erschienen in:Banco de Espana Working Paper ; No. 1211
Umfang:
1 Online-Ressource (36 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.2009275
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 22, 2012 erstellt
Beschreibung:
This paper explores the role of international reserves as a stabilizer of international capital flows during periods of global financial stress. In contrast with previous contributions, aimed at explaining net capital flows, we focus on the behavior of gross capital flows. We analyze an extensive cross-country quarterly database using event analyses and standard panel regressions. We document significant heterogeneity in the response of resident investors to financial stress and relate it to a previously undocumented channel through which reserves are useful during financial stress. International reserves facilitate financial disinvestment overseas by residents, offsetting the simultaneous drop in foreign financing