Essays in international finance
This thesis investigates two economic policy dimensions in contemporary world economy. The first chapter focuses on the recent accumulation of international reserves by central banks in developing economies. I present a simple model of reserve management where a central bank accumulates reserves in...
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| Tipo de documento: | tese |
| Estado: | Versão publicada |
| Data de publicação: | 2013 |
| País: | España |
| Recursos: | CBUC, CESCA |
| Repositório: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/101410 |
| Acesso em linha: | http://hdl.handle.net/10803/101410 |
| Access Level: | Acceso aberto |
| Palavra-chave: | Finances internacionals Crisis financeres Estalvi i inversió 33 |
| Resumo: | This thesis investigates two economic policy dimensions in contemporary world economy. The first chapter focuses on the recent accumulation of international reserves by central banks in developing economies. I present a simple model of reserve management where a central bank accumulates reserves in order to avoid spikes in inflation during financial crises. This monetary perspective helps to account for the massive accumulation of reserves observed in the data. The second chapter turns to financial reform, with an emphasis on the role played by savings. I show how imperfect competition in the financial sector can internalize externalities and yield larger investment when domestic savings are low. Taking this view allows for a better understanding of the empirical relationship between financial reforms and economic growth. |
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