Sterilization, monetary policy, and global financial integration
By: Joshua Aizenman, Reuven Glick.
Contributors: Glick, Reuven.; National Bureau of Economic Research.
Series: NBER working paper series -- working paper 13902; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 13902.
Publisher: National Bureau of Economic Research
Published: 2008
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "This paper investigates the changing patterns and efficacy of sterilization within emerging market countries as they liberalize markets and integrate with the world economy.  We estimate the marginal propensity to sterilize foreign asset accumulation associated with net exports and various forms of capital flows, across countries and over time.  We find that the extent of sterilization of foreign reserve inflows has risen in recent years to varying degrees in Asia as well as in Latin America, consistent with greater concerns about the potential inflationary impact of reserve inflows.  We also find that sterilization depends on the composition of balance of payments inflows"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 6/25/2008.

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