Emerging market economies have recently accumulated large stocks of foreign reserves. In this paper we address the question of what are the main factors explaining reserve holdings in nine developing countries located in Asia and Latin America. Monthly data from January 1985 to May 2006 are used...

This paper investigates the interest rate pass-through in eight European countries analyzing their short-run and long-run monetary transmission mechanisms. We investigate the relationship between the Euribor and the long-run interest rate on loans to non-financial corporations and allow for a...