This paper examines past evidence of prolonged periods of foreign exchange reserves accumulation in the Asia … conclusions emerge from the stylised facts and the econometric evidence. First, the best protection against costly reserves … accumulation is a more flexible exchange rate. Second, the necessity of accumulating reserves as a bulwark against goods price …

This paper examines past evidence of prolonged periods of foreign exchange reserves accumulation in the Asia … conclusions emerge from the stylized facts and the econometric evidence. First, the best protection against costly reserves … accumulation is a more flexible exchange rate. Second, the necessity to accumulate reserves as a bulwark against goods price …

the nonobservance of the performance criterion on net international reserves accumulation. …

best protection against costly reserves accumulation is a more flexible exchange rate. Second, the necessity to accumulate … implications are drawn. Finally, we propose a new indicator of reserves adequacy and excessive foreign exchange reserves … accumulation based on a factor model. Two broad conclusions emerge from the stylized facts and the econometric evidence. First, the …