ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Why and How Much?

International Reserve Holdings by Developing Countries

Rapid reserve depletion has been one of the defining features of currency crises and reserve levels ex ante have showed up as a significant variable in many studies examining the predictability of crises. This would appear to suggest that countries need to look beyond domestic reserve and debt management to buttress their international liquidity positions to effectively protect themselves from the vagaries of international capital markets.

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