Hoarding international reserves versus a pigovian tax-cum-subsidy scheme: reflections on the deleveraging crisis of 2008--2009, and a cost benefit analysis

DOI10.1016/J.JEDC.2011.01.014zbMath1229.91234OpenAlexW2029892377MaRDI QIDQ654600

Joshua Aizenman

Publication date: 29 December 2011

Published in: Journal of Economic Dynamics \& Control (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/j.jedc.2011.01.014

zbMATH Keywords

deleveragingfire-sale congestion externalityinternational reservestax-cum-subsidy

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64)

Cites Work

• Smoothing sudden stops
• International reserves: precautionary versus mercantilist views, theory and evidence
• Bank Runs, Deposit Insurance, and Liquidity
• Fear of Floating

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