In his seminal 1960 study on the dynamics of alternative exchange rate regimes, Robert Mundell proposed a theory of balance-of-payments crises in which speculators base their actions on the observed holdings of central bank foreign reserves. We examine the quantitative implications of this view from the perspective of an equilibrium business cycle model in which rational expectations of a deval...

Sovereign wealth funds (SWFs) have emerged in developing Asia as a policy response to an unprecedented accumulation of foreign exchange (FX) reserves since 2000. At the same time, developing countries have become an increasingly important source of outward foreign direct investment (FDI). The central objective of this paper is to evaluate the prospects for SWFs to serve as a major conduit for t...

When foreign capital surges into countries, there are two possible means of adjustment: financial adjustment through increases in resident capital outflows or reserves accumulation, or real adjustment through a larger current account deficit. Historically, surges in capital inflows to emerging market economies tended to lead to domestic booms and current account deficits and, when the flows rev...

Despite being targeted as a conservation flagship species for several decades, the tiger (Panthera tigris) grows ever more imperiled. Debate exists as to where tiger conservation should focus: on protected nature reserves or larger landscapes. We developed a landscape scale, density-based model to assess whether reasonably effective management of current reserves is adequate to ensure the survi...

urmia lake and its surroundng wetlands have been severely affected by recent droughts (1998–2003) and a considerable decrease in inflow has affected lake ecosystem components. integrated ecosystem-based management is a useful managing tool for the wise use and biodiversity conservation of wetlands. in the process of developing an integrated ecosystem-based management model for urmia lake, the i...

Discussion of reserves’ adequacy has renewed after financial crises in Asia and Russia. It became evident that large international reserves made countries less prone to crisis. Special attention was paid to the ratio of a country’s external short-term debt to reserves as a very successful marker of potential external vulnerability that generally outperforms other reserves’ adequacy criteria. Th...

Synopsis: The paper ‘bridges the divide’ between the biological and economic literature on marine reserves. It provides a selected review of the traditional use of reserves, the early reserve literature, the potential benefits of reserves, spillovers from reserves to harvested areas and bioeconomic models of marine reserves. The bioeconomics literature is examined from the perspectives of deter...

Foreign exchange reserves are used to see how far a country can conduct international trade and show the strength weakness of country's economic fundamentals. Factors that affect foreign debt, exports, imports, rupiah rate, inflation rate. These factors will bring many advantages benefits in increasing reserves. But there still some do not The purpose this study was determine effect Al-Sharf ex...

China has the largest foreign exchange reserve in world, but high is a double-edged sword for country. There are two kinds of analysis this. First, China's reserves have far exceeded reasonable scale, which will cause to pay extremely management costs. Second, considerable, this objective demand economy. Sufficient can make occupy favorable position international development. Based on data rese...

In a stylized continuous-time model of a small open economy with perfect capital mobility and a pegged exchange rate, I analyze an experiment in which domestic residents expect a future devaluation. Taking the public’s expectations as exogenous and allowing them to be divergent, I analyze in a short time period before the expected devaluation takes place how transactions of short-term collatera...