建立主权财富基金,减少货币危机

IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Jean-Baptiste Hasse , Christelle Lecourt , Souhila Siagh
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引用次数: 0

摘要

本文评估了设立主权财富基金是否以及如何对货币危机产生缓冲作用。利用创新的动态对数面板模型框架和独特的数据集(涵盖 1989-2019 年间 34 个新兴国家),我们通过实证研究表明,主权财富基金可以减少货币危机的发生。这一结果对不同的计量经济学规格、主权财富基金的替代定义、货币危机风险因素的控制以及收入水平抽样都是稳健的。我们的研究结果对金融稳定和政策制定者具有重要意义,他们可以进一步利用主权财富基金的潜力来更好地管理外汇风险。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Setting up a sovereign wealth fund to reduce currency crises

This paper assesses whether and how setting up a sovereign wealth fund has a buffer effect against currency crises. Using an innovative dynamic logit panel model framework and a unique dataset covering 34 emerging countries over the period 1989–2019, we empirically show that sovereign wealth funds reduce the occurrence of currency crises. This result is robust to different econometric specifications, alternative definitions of sovereign wealth funds, controlling for currency crisis risk factors, and income level sampling. Our findings have important implications for financial stability and for policymakers, who could further exploit the potential of sovereign wealth funds to better manage foreign exchange risks.

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来源期刊
CiteScore
7.10
自引率
4.20%
发文量
85
审稿时长
100 days
期刊介绍: The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.
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