Примеры использования Reserve accumulation на Английском языке и их переводы на Русский язык
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Global imbalances and reserve accumulation.
II. Reserve accumulation and global imbalances.
As the trade surpluses narrowed, Asian reserve accumulation could slacken.
Reserve accumulation and net transfer of resources.
Many developing countries rely on reserve accumulation as a mechanism of self-insurance against liquidity crises.
Reserve accumulation has been an effective option for middle-income countries.
They can also increase inflationary pressures andtrigger asset bubbles if reserve accumulation is left unsterilized.
Reserve accumulation has been an effective option for emerging market economies to protect them from the crisis.
They can alsoincrease inflationary pressures and trigger asset bubbles if reserve accumulation is left unsterilized.
In addition, reserve accumulation increases systemic risk at the international level, by adding to global imbalances.
Despite the increase in total net private and official capital flows to the developing countries,net flows, which included reserve accumulation, had been negative in 2002.
As such, reserve accumulation has been highly correlated with global liquidity and changes in international investor sentiment.
In contrast, the growth of imports in low-income countries was faster than reserve accumulation and thus the precautionary cushion fell to 3.8 months of reserves in 2011.
Precautionary reserve accumulation, while sensible at the national level, increases systemic risk at the international level.
The energy-rich CIS countries, which have had generally good fiscal balances,increased spending as they reoriented their economic policy from reserve accumulation towards domestic growth.
As such, reserve accumulation has been highly correlated with global liquidity and changes in international investor sentiment.
A reformed international reserve system and measures to stem capital volatility(see below)should also reduce the need for self-insurance through reserve accumulation at the national level.
The reserve accumulation was associated with an undervaluation in the currencies of some of these countries and the generation of current account surpluses.
Consequently, countries will continue to hold some reserves of their own, andthere are strong indications that reserve accumulation will persist and grow in the aftermath of the crisis.
Reserve accumulation is also undertaken as insurance against speculative attacks and to avoid situations where resort has to be taken to highly conditional IMF lending.
The last few years witnessedrecord financial inflows to developing countries but these inflows were more than compensated by large current account surpluses and unprecedented reserve accumulation.
Precautionary reserve accumulation, while sensible at the national level, increases systemic risk at the international level, by adding to global imbalances.
Consequently, countries will continue holding some reserves of their own andit has been argued that there are strong indications that reserve accumulation will persist, or even be amplified, following the crisis.
This reserve accumulation could in many cases be put to better uses, such as expanding infrastructure and productive capacity or tackling poverty more directly.
The effort to avoid currency appreciation led to foreign exchange intervention,excessive increases in reserves and the parallel need to sterilize the monetary effects of rapid reserve accumulation.
This would curb excessive currency speculation,reduce reserve accumulation as a by-product of interventions on the foreign exchange market and prevent unsustainable external deficits.
Other elements of a broader global financial safety net include bilateral foreign exchange swap arrangements among major central banks,regional reserve pools and self-insurance through appropriately scaled reserve accumulation.
While individually rational, self-insurance through reserve accumulation is an inefficient global response to systemic deficiencies in the global order of currency and finance.
When the net transfer is negative, it means net financial outflows, i.e., countries are exporting more goods and services than they are importing, and are transferring the excess abroad in financial payments of one form or another debt servicing, profit remittances,foreign reserve accumulation, such as by purchasing key currency government securities, capital outflows or withdrawal of foreign investors.
Reserve accumulation can also be the by-product of central bank interventions in foreign exchange markets aimed at smoothing exchange rate volatility associated with excessive capital inflows and outflows.