I. International reserves escrow accounts: Managing international reserves provides an effective mechanism for self insurance. The hazard of this mechanism is that international reserves are easy prey for opportunistic policy makers in polarized countries characterized by political instability....

This paper argues that the limited ability to help developing countries in a crisis should shift the focus to policies helping in reducing the ex ante probability of crises. Indirectly, such policies would also alleviate the depths of realized crises. Two specific ideas are explored: I....

We survey the literature documenting the rise of sovereign wealth funds (SWFs), which, with assets under management of over $4.5 trillion in early 2014, are a major force in global finance. Research papers have analyzed the evolution of the initial SWFs from stabilization funds to stand-alone...