【主讲】Woo Jin Choi (Associate Fellow at Korea Development Institute)
【主题】Precaution Versus Mercantilism: Reserve Accumulation, Capital Controls, and the Real Exchange Rate
【时间】2017年10月23日 (周一) 15：30-17：00
【地点】上海财经大学经济学院楼701室
【语言】英文
【摘要】Widening global imbalances, driven by reserve accumulation, can help us investigate how real exchange rates are determined. Standard theory would predict real exchange rate appreciation when there is an increase in net foreign assets. This study uses recent data from 75 countries to argue that, in practice, there is the opposite correlation in the particular case of reserve accumulation, notably in countries with higher capital controls and in developing countries. Gross rather than net positions matter and we present a new theoretical model to account for the stylized fact. The framework encompasses so-called precautionary and mercantilist motives for reserve accumulation, and also explains how the optimal capital account policy—the mix of reserve accumulation and capital controls—is determined.
