Suchergebnisse

This thesis includes three essays on foreign reserves, crises and growth. Chapter 1 proposes a theoretical model to look at foreign reserve accumulation in fast-growing emerging economies. The demand for foreign reserves stems from the interaction between productivity growth and underdevelopment of the domestic financial market. During economic transition, foreign reserve accumulation is proved to be welfare improving as long as private capital flows are controlled. Chapter 2 is an empirical work on the role of foreign reserves during the global financial crisis. It is found that the level of reserves matters: countries with high reserves relative to short-term debt suffered less from the crisis, particularly if associated with a less open capital account. In the immediate aftermath of the crisis, countries that depleted foreign reserves during the crisis quickly rebuilt their stocks. This rapid rebuilding has, however, been followed by a deceleration in the pace of accumulation. Chapter 3 takes a political economy stance and shows how reserves can be used to stabilize the domestic economy when the private sector faces credit constraint and currency mismatch. It is argued that both a targeted lending in foreign currency or a fiscal spending financed by foreign reserves help remove the bad equilibrium. Nevertheless, these two policy tools differ in the mechanism through which they stabilize the domestic economy and in terms of the amount of foreign reserves needed. ; Cette thèse comporte trois chapitres traitant de la question de l'accumulation de réserves de change dans les pays émergents. Sous différents angles, théorique comme empirique, les trois travaux présentés analysent les motivations d'accumulation de réserves de change et testent l'utilité de ces avoirs en devises étrangères pendant la crise financière mondiale de 2009. Le chapitre 1 montre que l'accumulation de réserves résulte de l'interaction entre une forte croissance de la productivité et des frictions sur le marché financier. De plus, ...

This thesis includes three essays on foreign reserves, crises and growth. Chapter 1 proposes a theoretical model to look at foreign reserve accumulation in fast-growing emerging economies. The demand for foreign reserves stems from the interaction between productivity growth and underdevelopment of the domestic financial market. During economic transition, foreign reserve accumulation is proved to be welfare improving as long as private capital flows are controlled. Chapter 2 is an empirical work on the role of foreign reserves during the global financial crisis. It is found that the level of reserves matters: countries with high reserves relative to short-term debt suffered less from the crisis, particularly if associated with a less open capital account. In the immediate aftermath of the crisis, countries that depleted foreign reserves during the crisis quickly rebuilt their stocks. This rapid rebuilding has, however, been followed by a deceleration in the pace of accumulation. Chapter 3 takes a political economy stance and shows how reserves can be used to stabilize the domestic economy when the private sector faces credit constraint and currency mismatch. It is argued that both a targeted lending in foreign currency or a fiscal spending financed by foreign reserves help remove the bad equilibrium. Nevertheless, these two policy tools differ in the mechanism through which they stabilize the domestic economy and in terms of the amount of foreign reserves needed. ; Cette thèse comporte trois chapitres traitant de la question de l'accumulation de réserves de change dans les pays émergents. Sous différents angles, théorique comme empirique, les trois travaux présentés analysent les motivations d'accumulation de réserves de change et testent l'utilité de ces avoirs en devises étrangères pendant la crise financière mondiale de 2009. Le chapitre 1 montre que l'accumulation de réserves résulte de l'interaction entre une forte croissance de la productivité et des frictions sur le marché financier. De plus, l'accumulation de réserves est d'autant plus efficace que les flux de capitaux privés sont contrôlés. Les gains du bien-être issus d'une utilisation combinée de réserves et de contrôles de capitaux diminuent avec le développement des marchés financiers. A l'aide d'une base de données comprenant 112 pays émergents et en voie de développement, le chapitre 2 examine la relation entre l'accumulation de réserves avant la crise de 2009 et la performance économique pendant la crise. Lorsque le ratio d'adéquation de réserves de change est calculé en point de pourcentage par rapport à la dette extérieure à court terme, la performance économique d'un pays pendant la crise est positivement corrélée avec les réserves de change d'avant la crise. Ce chapitre montre aussi les nouvelles tendances dans le comportement d'accumulation des réserves après la crise. Le chapitre 3 traite de la question des effets de bilan et le rôle des réserves change. Il montre qu'en accumulant des réserves de change, le gouvernement est en mesure stabiliser l'économie nationale, en recapitalisant le secteur privé avec ses devises ou en faisant une relance fiscale.

This paper provides an overview of the key steps that were made in the European Union toward enhancing fiscal policy coordination and integration prior to the Covid-19 crisis. It especially highlights the key challenges and strategies that should be considered when thinking of further fiscal integration in the monetary union. Compared to economic and financial integration, fiscal integration would require much stronger political support. Fiscal integration is not meant to be achieved overnight but it should take a stepwise approach, which could encompass policy coordination, pooling resources for macroeconomic stabilization and fiscal backstops, debt mutualization and safe assets, and ultimately a common budget. This paper also aims to provide some inspiration for East Asian economies when they consider strengthening fiscal integration in their region. Despite some fundamental differences between Asian and European economies, there are common issues that must be tackled.

Xuchuan Lei ; Jie Lu: Revisiting Political Wariness in China's Public Opinion Surveys: Experimental Evidence on Responses to Politically Sensitive Questions, S. 213-232. - Bing Guang ; Ying Xia ; Gong Cheng: Power Structure and Media Autonomy in China: The Case of Southern Weekend, S. 233-248. - Jian Xu: Shanzhai Media Culture: Failed Intervention to the Disingenuous Neoliberal Logic of Chinese Media, S. 249-262