The financial crisis and sizable international reserves depletion: From 'fear of floating' to the 'fear of losing international reserves'?
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In this paper we study the degree to which Emerging Markets (EMs) adjusted to the global liquidity crisis by drawing down their international reserves (IR). Overall, we find a mixed and complex picture. Intriguingly, only about half of the EMs depleted their IR as part of the adjustment mechanism.
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美国国家经济研究局创建时间：
2009-10-01
