This paper is motivated by the popular view that the surge in China’s foreign exchange reserves is due to a distortionary exchange rate policy aimed at keeping the real exchange rate undervalued to support export-led growth. It undertakes an in-depth empirical investigation to quantify how much "mercantilist" and "precautionary" motives have contributed to the reserve build-up in China during 1...

We examine whether and how a US cross-listing mitigates the risk that insiders will turn their firm’s cash holdings into private benefits. We find strong evidence that the value investors attach to excess cash reserves is substantially larger for foreign firms listed on US exchanges and over-the-counter than for their domestic peers. Further, we show that this excess-cash premium stems not only...

One of the most serious problems that a central bank in an emerging market economy can face is the sudden reversal of capital inflows. Hoarding international reserves can be used to smooth the impact of such reversals, but these reserves are seldom sufficient and always expensive to hold. In this paper we argue that adding richer hedging instruments to the portfolios held by central banks can s...

Marine reserves are increasingly proposed as a management tool. Models can play a valuable role in the evaluation of the possible benefits of reserves because they allow us to conduct many more investigations than could ever be done empirically. In this paper, I develop a model for a marine reserve for an open population subject to environmental uncertainty.

This study intends to assess the shock from national foreign exchange's primary variables, such as exports, imports, and exchange rates, for period 2000-2019. The data utilized in this came Indonesian Statistics Bureau (BPS), Bank of Indonesia (BI), World 2021. For analysis, we utilize an autoregressive framework capture explain its long-term influence on a country’s reserves. results VECM indi...

Marine reserves can help in maintaining biodiversity and potentially be useful as a Wshery management tool by removing human-mediated impacts. Intertidal, soft-sediment habitats can often support robust recreational and commercial shellWsh harvests, especially for clams; however, there is limited research on the eVects of reserves in these habitats. In San Juan County, Washington, several reser...

Indian agriculture is facing a policy paradox. Although several forecasts of the 1990s predicted that India would be a large importer of grains in the years to follow, in fact from 2001 to 2004 India exported around 30 million tons of foodgrains. It was seeking primarily to liquidate its bulging grain stocks, which reached 63 million tons in July 2002. Whereas India’s agricultural policy is sti...

No-take marine reserves show great promise as conservation tools, yet the integration of reserves into assessment models for data-limited fisheries management is just emerging. We develop a framework for integrating marine reserves into two data-limited assessment models: spawning potential ratio (SPR) and yield per recruit (YPR). We use Monte Carlo simulation to test the applicability of the f...

Marine reserves are widely used throughout the world to prevent overfishing and conserve biodiversity, but uncertainties remain about their optimal design. The effects of marine reserves are heterogeneous. Despite theoretical findings, empirical studies have previously found no effect of size on the effectiveness of marine reserves in protecting commercial fish stocks. Using 58 datasets from 19...

The continuous decline of petroleum and natural gas reserves and non linear rise of oil price has brought about a realisation of the need for a change in our perpetual dependence on the fossil fuel. A day to day increased consumption of crude and petroleum products has made a considerable impact on our foreign exchange reserves. Hence, an alternate resource for the conversion of energy (both li...