Shifting motives: Explaining the buildup in official reserves in emerging markets since the 1980s by Atish R. Ghosh, Jonathan D. Ostry and Charalambos G. Tsangarides (01/2012). “Why have emerging market economies (EMEs) been stockpiling international reserves? We find that motives have varied over time – vulnerability to current account shocks was relatively important in the 1980s but, as EMEs have become more financially integrated, factors related to the magnitude of potencial capital outflows have gained in importance…”
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