Transparency Problems in Cash Flow Transformation and Reserves Management in Islamic Investment Accounts
In: Journal of Islamic Finance, Band 8, Heft 2, S. 1–9
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In: Journal of Islamic Finance, Band 8, Heft 2, S. 1–9
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In: The Quarterly Review of Economics and Finance. https://doi.org/10.1016/j.qref.2018.03.001
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In: American economic review, Band 108, Heft 9, S. 2629-2670
ISSN: 1944-7981
We study the optimal accumulation of international reserves in a quantitative model of sovereign default with long-term debt and a risk-free asset. Keeping higher levels of reserves provides a hedge against rollover risk, but this is costly because using reserves to pay down debt allows the government to reduce sovereign spreads. Our model, parameterized to mimic salient features of a typical emerging economy, can account for significant holdings of international reserves, and the larger accumulation of both debt and reserves in periods of low spreads and high income. We also show that income windfalls, improved policy frameworks, and an increase in the importance of rollover risk imply increases in the optimal holdings of reserves that are consistent with the upward trend in reserves in emerging economies. It is essential for our results that debt maturity exceeds one period. (JEL E21, E43, F32, F34, H63)
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Working paper
In: NBER Working Paper No. w18628
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In: Globalization Institute Working Paper No. 387
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Working paper
In: Fall 2020 issue of the ABA's Natural Resources & Environment Magazine
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In: 36 J. Env't Law and Litigation 1 (2021)
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In: Zeitschrift für die gesamte Versicherungswissenschaft, Band 100, Heft 4, S. 493-516
ISSN: 1865-9748
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In: Journal of international economics, Band 33, Heft 3-4, S. 345-362
ISSN: 0022-1996