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Aizenman, Joshua, Jinjarak, Yothin and Park, Donghyun (2011) Evaluating Asian Swap Arrangements. Tokyo: ADBI Working Paper No. 297.

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Alternative Location: http://hdl.handle.net/11540/3885

Abstract

Motivated by the unprecedented rise of swap agreements between the central banks of developed economies and their developing economy counterparts, this paper evaluates Asian swap arrangements and their association with the build-up of foreign reserves prior to the 2008–2009 global financial crisis. The evidence suggests that there is a limited scope for swaps to substitute for reserves. Furthermore, the selectivity of the swap lines indicates that only countries with significant trade and financial linkages can expect access to such ad hoc arrangements, on a case by case basis. Moral hazard concerns suggest that the applicability of these arrangements will remain limited. However, deepening swap agreements and regional reserve pooling arrangements may weaken the precautionary motive for reserve accumulation.

Item Type: Monographs and Working Papers (Working Paper)
SOAS Departments & Centres: Legacy Departments > Faculty of Law and Social Sciences > School of Finance and Management
Copyright Statement: © 2011 Asian Development Bank Institute
Date Deposited: 28 Feb 2011 09:41
URI: https://eprints.soas.ac.uk/id/eprint/11579

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