International Reserves Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of Korea
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This paper characterizes the precautionary demand for international reserves driven by the attempt to reduce the incidence of costly output decline induced by sudden reversal of short-term capital flows. It validates the main predictions of the precautionary approach by investigating changes in the
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美国国家经济研究局创建时间：
2004-06-01
