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Regime dependence, Mrs. Machlup's wardrobe and the accumulation of international reserves in Asia

An old yet rarely explored motive of hoarding international reserves advanced by Machlup (1966) is examined. Reserve accumulation behavior in Asia is driven by a psychological desire to keep up with neighboring countries, i.e., 'keeping up with the Joneses effect'.
Year of publication:
2011
Authors: Pontines, Victor ; Yongqiang, Li
Published in:
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 110.2011, 3, p. 231-234
Publisher: Elsevier
Keywords: Regime dependence Mrs. Machlup's wardrobe Keeping up with the Joneses Accumulation of international reserves Peer countries
Type of publication: Article
Source:
Persistent link: https://www.econbiz.de/10008866862
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