Gourinchas, Pierre-Olivier; Obstfeld, Maurice - In: American Economic Journal: Macroeconomics 4 (2012) 1, pp. 226-65
crises, regardless of whether a country is emerging or advanced. For emerging economies, however, higher foreign exchange … reserves predict a sharply reduced probability of a subsequent crisis. (JEL E44, F34, F44, G01, G21, O19) …