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RBA Glossary definition for international reserves

international reserves – Holdings by a central bank of foreign exchange and gold.

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Leverage Constraints and the International Transmission of Shocks

21 Dec 2009 RDP 2009-08
Michael B Devereux and James Yetman
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2009/2009-08.html

References

21 Dec 2009 RDP 2009-08
Michael B Devereux and James Yetman
Imbs J (2006), ‘The Real Effects of Financial Integration’, Journal of International Economics, 68(2), pp 296–324. ... Tille C and E van Wincoop (2007), ‘International Capital Flows’, Federal Reserve Bank of New York Staff Report No 280.
https://www.rba.gov.au/publications/rdp/2009/2009-08/references.html

Leverage Constraints and the International Transmission of Shocks

21 Dec 2009 RDP 2009-08
Michael B Devereux and James Yetman
Research Discussion Paper – RDP 2009-08 Leverage Constraints and the International Transmission of Shocks. ... Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia acknowledges the Aboriginal and Torres Strait
https://www.rba.gov.au/publications/rdp/2009/2009-08/

Conclusions

21 Dec 2009 RDP 2009-08
Michael B Devereux and James Yetman
In this sense our model may be seen as a formal general equilibrium representation of Krugman (2008), who suggests that interconnections in financial markets may give rise to an ‘international finance ... Reserve Bank of Australia, 2001–2024. All
https://www.rba.gov.au/publications/rdp/2009/2009-08/conclusions.html

The Model

21 Dec 2009 RDP 2009-08
Michael B Devereux and James Yetman
In the solution below, following Tille and van Wincoop (2007), we extend Equation (8) to allow for transactions costs of international financial trade that effectively limit international portfolio diversification. ... Reserve Bank of Australia,
https://www.rba.gov.au/publications/rdp/2009/2009-08/model.html

Introduction

21 Dec 2009 RDP 2009-08
Michael B Devereux and James Yetman
In the context of the international transmission of business cycles, however, other puzzles arise. ... Most models of business cycle transmission still rely on international linkages due to trade flows.
https://www.rba.gov.au/publications/rdp/2009/2009-08/introduction.html

Effects of Productivity Shocks

21 Dec 2009 RDP 2009-08
Michael B Devereux and James Yetman
More critically, there is no international transmission of the shock to GDP at all. ... Why does greater portfolio diversification magnify the international propagation effects of the shock?
https://www.rba.gov.au/publications/rdp/2009/2009-08/effects-prod-shocks.html

Empirical Evidence

21 Dec 2009 RDP 2009-08
Michael B Devereux and James Yetman
Mohan 2009). This view is consistent with the data on international capital (Figure 2). ... In summary, this evidence suggests the possibility that a financial channel may be important for the international propagation of shocks.
https://www.rba.gov.au/publications/rdp/2009/2009-08/empirical-evidence.html