This article provides a comprehensive history of anchor or reference currencies, exchange
rate arrangements, and a new measure of foreign exchange restrictions for 194 countries …

This paper employs an updated algorithm and database for classifying exchange rate and
anchor currency choice, to explore the evolution of the global exchange rate system …

We examine the determinants of net private capital inflows to emerging market economies
(EMEs) since 2002. Our main findings are: First, growth and interest rate differentials …

This paper evaluates the capacity of emerging market economies (EMEs) to moderate the
domestic impact of global financial and monetary forces through their own monetary …

This contribution discusses the international aspect of financialization in developing and
emerging economies (DEEs). It argues that international financialization is more than just an …

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 …

We provide a simple framework to study the prudential use of capital controls and currency
reserves that have been explored in the recent literature. We cover the role of both …

We evaluate the impact of the global financial crisis (GFC) and recent structural changes in
the patterns of hoarding international reserves (IR). We confirm that the determinants of IR …

This paper proposes a theory of foreign reserves as macroprudential policy. We study an
open economy model of financial crises, in which pecuniary externalities lead to …

This paper explores the role of international reserves as a stabilizer of international capital
flows, in particular during periods of global financial stress. In contrast with previous …