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Identifier to cite or link to this item: https://hdl.handle.net/10086/31199

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Title
Reserves and Risk : Evidence from China
Creator
Creator Name
Fatum, Rasmus Fatum, Rasmus
Affiliation
Affiliation Name
University of Alberta
Creator Name
Hattori, Takahiro Hattori, Takahiro
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
Yamamoto, Yohei Yamamoto, Yohei
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
Hitotsubashi Institute for Advanced Study, Hitotsubashi University
Key Word
International reserves
risk taking
China
JEL
F31
G15
Abstract
China holds more international reserves than any other country. We consider if the Chinese accumulation of reserves is associated with unintended consequences in the form of increased private sector risk taking. Using sovereign credit default swap spreads and stock index prices as indicators of risk taking we provide evidence to suggest that as reserve holdings increase, so does the willingness of the private sector to take on more risk. This is an important finding that adds credence to the suggestion that insurance through costly reserves, to be used in the event of a crisis, may lead to private sector actions that in and of themselves make it more likely that this insurance will be used.
Description
This version: 15 May 2020
Publisher
Hitotsubashi Institute for Advanced Study, Hitotsubashi University
Issued Date
2020-05
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Discussion paper series ; No. HIAS-E-98
Number of Pages
39
Appears in Collections
Discussion paper series / Hitotsubashi Institute for Advanced Study, Hitotsubashi University
URL
https://hdl.handle.net/10086/31199