Despite the fact that efforts to identify it empirically have largely been futile, the liquidity effect plays a central role in conventional monetary theory and policy. Recently, however, an increasing volume of empirical work [Christiano and Eichenbaum (1992a,b), Christiano,, Eichenbaum and Evans (1994a,b) and Strongin (1995)] has supported the existence of a statistically significant and econ...

Abstract For decades, the object of international climate governance has been greenhouse gases. The inadequacy decarbonization based on this system prompted calls to expand include restrictions fossil fuel supply. Such initiatives could rely accountability frameworks reserves, production, or infrastructure, yet there little consideration different implications these options. We inform such disc...

We document a new international stylized fact on the relationship between external wealth, capital controls, and real exchange rate. first re-confirm that rate appreciates when asset holdings increase, all else equal, central mechanism in economics. However, we find increases publicly held assets (reserves) are associated with depreciation, especially if combined high controls. Reserve accumula...

This paper analyzes the effect of remittance inflows on external debt in developing countries, by identifying international reserves as a potential transmission channel. Using panel data over period 1970–2017 and covering 50 low-and middle-income countries worldwide, we find positive significant debt-to-GDP ratio. We also negative debt. After controlling for reserves, increases; it remains sign...

wind power generation is variable and uncertain. in the power systems with high penetration of wind power, determination of equivalent operating reserve is the main concern of systems operator. in this paper, a model is proposed to determine operating reserves in simultaneous market clearing of energy and reserve by stochastic programming based on scenarios generated via monte carlo simulation ...

Central bank reserves function as a liquidity buffer to mitigate country exposure and vulnerability external shocks. Emerging Market Economies are the countries most exposed volatility of capital flows have usually preferred build up large war-chests international self-insurance mechanism, it is under their full discretion. Nevertheless, standard practice immobilizing amounts “cash” insure agai...