Aizenman, Joshua; Jinjarak, Yothin; Park, Donghyun - In: International Review of Economics & Finance 20 (2011) 1, pp. 5-18
Developing Asia experienced a sharp surge in foreign currency reserves prior to the 2008-9 crisis. The global crisis has been associated with an unprecedented rise of swap agreements between central banks of larger economies and their counterparts in smaller economies. We explore whether such...