Why are reserves so big? (Dadush & Stancil)

Why are reserves so big? by Uri Dadush and Bennett Stancil published by VOXEU (5/2011). “Between 2000 and 2009, developing countries added almost $5 trillion to their foreign-exchange reserves – a number deemed tooo high by many, prompting accusations of protectionism. But this column argues that developed countries are equally to blame – as well as failures in international coordination. It concludes that remedies therefore require action by both groups.”

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