This paper provides a brief review of the increasing importance of China in the world
economy and discusses the spillover effects of the global financial crisis on China′ s …

This paper compares the importance of precautionary and mercantilist motives in the
hoarding of international reserves by developing countries. Overall, empirical results support …

We develop a methodology that intuitively characterizes the choices countries have made
with respect to the trilemma during the post Bretton-Woods period. The paper first outlines …

This paper explores econometric and theoretical interpretations for the relatively high
demand for international reserves by countries in the Far East and the relatively low demand …

We outline new metrics for measuring the trilemma aspects: exchange rate flexibility,
monetary independence, and capital account openness, taking into account substantial …

China has in many ways taken the world by storm. In addition to its swiftly rising prominence
in the global trading system, where it now accounts for over 6 percent of total world trade, it …

The sizeable hoarding of international reserves by several East Asian countries has been
frequently attributed to a modern version of monetary mercantilism–hoarding international …

WITH INTERNATIONAL reserves four times as large, in terms of their GDP, as in the early
1990s, emerging market countries seem more protected than ever against shocks to their …

Most models currently used to determine optimal foreign reserve holdings take the level of
international debt as given. However, given the sovereign's willingness-to-pay incentive …

This paper investigates the changing pattern and efficacy of sterilization within emerging
market countries as they liberalize markets and integrate with the world economy. We …