In most countries, the central bank is required to hold reserve assets as a means of providing credibility for the value of the fiat currency. These assets can be in the form of gold, foreign exchange or some other internationally recognised reserve asset and are held to permit the country to...

We evaluate the impact of the global financial crisis (GFC) and recent structural changes in the patterns of hoarding international reserves (IR). We confirm that the determinants of IR hoarding evolve with developments in the global economy. During the pre-GFC period of 1999-2006, gross saving...

Some economies in East Asia have built up large amounts of foreign exchange reserves in the past decades. Holding large amounts of reserves helped these economies to stabilize their macro economy and exchange rates under periods of market stress and rapid shifts in relative economic size....

Foreword -- Preface -- Abbreviations -- Contributors -- 1. From great depression to great recession: an overview / Atish R. Ghosh, Mahvash S. Qureshi -- Part I. Prespectives from the past: secular stagnation and asymmetric burden of adjustment -- 2. Learning lessons from previous crises: the...