The Nonlinear Impact of Institutional Quality on International Reserves: International Evidence

IF 1.3 Q3 ECONOMICS

Journal of International Commerce Economics and Policy Pub Date : 2021-10-08 DOI:10.1142/s1793993321500149

C. Law, Siew-Voon Soon, K. Ehigiamusoe

引用次数: 0

Abstract

This paper investigates the nonlinear effect of institutional quality on the holding of international reserves by applying the two-step system generalized method of moments on data consisting of 67 countries from 1996 to 2016. The hypothesis is that the association between institutional quality and international reserves has an inverted U pattern. The coefficient sign of the institutional quality and its square term supports the hypothesis. Besides, the marginal effects suggest that the higher the institutional quality index, the lower the demand for reserves. The outputs indicate the importance of good institutional quality in reducing the overdependence on international reserves.

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制度质量对国际储备的非线性影响:国际证据

本文采用两步系统广义矩量法对1996 - 2016年67个国家的数据进行分析，研究了制度质量对国际储备持有的非线性影响。假设制度质量与国际储备之间存在倒U型关系。制度质量的系数符号及其平方项支持这一假设。此外，边际效应表明，制度质量指数越高，准备金需求越低。产出表明良好的体制质量对于减少对国际储备的过度依赖具有重要意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Commerce Economics and Policy ECONOMICS-

CiteScore

1.50

自引率

0.00%

发文量

期刊介绍： Journal of International Commerce, Economics and Policy (JICEP) is a peer-reviewed journal that seeks to publish high-quality research papers that explore important dimensions of the global economic system (including trade, finance, investment and labor flows). JICEP is particularly interested in potentially influential research that is analytical or empirical but with heavy emphasis on international dimensions of economics, business and related public policy. Papers must aim to be thought-provoking and combine rigor with readability so as to be of interest to both researchers as well as policymakers. JICEP is not region-specific and especially welcomes research exploring the growing economic interdependence between countries and regions.