Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios

Using available annual data of 174 economies since 1957, we examine the similarities and differences of seven international reserve ratios. While individual international reserve ratios display substantial variations across economies, they are associated with an economy?s characteristics including geographic location, income level, stage of development, degree of indebtedness, and exchange rate regime. The association pattern varies across time and type of international reserve ratios. Interestingly, there is only limited evidence that Asian and non-Asian economies have significantly different international reserve hoarding behavior. Our results suggest that the inference about whether an economy is hoarding too many or too few international reserves depends on the choice of international reserve ratio. Further, different international reserve ratios exhibit different persistence profiles, but the evidence of dependence on structural characteristics is rather weak. --International Reserve Ratios,Structural Characteristics,Cross-Economy Analysis

Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios

Using available annual data of 174 economies since 1957, we examine the similarities and differences of seven international reserve ratios. While individual international reserve ratios display substantial variations across economies, they are associated with an economy's characteristics including geographic location, income level, stage of development, degree of indebtedness, and exchange rate regime. The association pattern varies across time and type of international reserve ratios. Interestingly, there is only limited evidence that Asian and non-Asian economies have significantly different international reserve hoarding behavior. Our results suggest that the inference about whether an economy is hoarding too many or too few international reserves depends on the choice of international reserve ratio. Further, different international reserve ratios exhibit different persistence profiles, but the evidence of dependence on structural characteristics is rather weak.International Reserve Ratios, Structural Characteristics, Cross-Economy Analysis

Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios

Using available annual data of 174 economies since 1957, we examine the similarities and differences of seven international reserve ratios. While individual international reserve ratios display substantial variations across economies, they are associated with an economy?s characteristics including geographic location, income level, stage of development, degree of indebtedness, and exchange rate regime. The association pattern varies across time and type of international reserve ratios. Interestingly, there is only limited evidence that Asian and non-Asian economies have significantly different international reserve hoarding behavior. Our results suggest that the inference about whether an economy is hoarding too many or too few international reserves depends on the choice of international reserve ratio. Further, different international reserve ratios exhibit different persistence profiles, but the evidence of dependence on structural characteristics is rather weak. --International reserve ratios,structural characteristics,cross-economy analysis

Non-tariff barriers to trade in the pacific rim

This paper reports the findings of a survey of non-tariff trade barriers (NTBs) that firms in the Pacific Rim region frequently encounter. NTBs are categorized into restrictions on market access, restrictions on personnel movement and transparency of regulatory information. We find that NTBs seem particularly prominent for the region, given the diverse character of the economies there. Many NTBs are implicit in the sense that they restrict trade by cumbersome administrative procedures and by various problems arising from interpreting or implementing government regulations. We further find that NTBs have a significant impact on firms' production costs, revenue and expansion plans. Copyright 2004 Blackwell Publishing Ltd