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

Victor Pontines, Li Yongqiang

    Research output: Contribution to journalArticlepeer-review

    7 Citations (Scopus)

    Abstract

    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'.

    Original languageEnglish
    Pages (from-to)231-234
    Number of pages4
    JournalEconomics Letters
    Volume110
    Issue number3
    DOIs
    Publication statusPublished - Mar 2011

    Keywords

    • Accumulation of international reserves
    • Keeping up with the Joneses
    • Mrs. Machlup's wardrobe
    • Peer countries
    • Regime dependence

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