Financial Stability , the Trilemma , and International Reserves

@inproceedings{AY2009FinancialS,
  title={Financial Stability , the Trilemma , and International Reserves},
  author={AY and C. S. and HAMBAUGH},
  year={2009}
}
  • AY, S. C., HAMBAUGH
  • Published 2009
The rapid growth of international reserves—a development concentrated in the emerging markets—remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets. The size of domestic financial liabilities that could potentially be converted into foreign currency (M2), financial openness, the ability to access foreign currency through debt markets, and exchange… CONTINUE READING

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