JALIL, Abdul; BOKHARI, Sheharyar - In: International Journal of Applied Econometrics and … 5 (2008) 1, pp. 33-48
Using monthly data on foreign exchange reserves from June 1995 through June 2005, we find that in line with other country-specific studies the opportunity cost of holding reserves played a greater role than reserve volatility in determining the level of reserves in Pakistan. Our finding is in...