Shifting Motives : Explaining the Buildup in official Reserves in Emerging Markets Since the 1980's »
Series: IMF Working Papers
Author(s): Atish Ghosh , Jonathan Ostry , and Charalambos Tsangarides
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 January 2012
Keywords: Quantile Regression, exchange rate, reserve holdings, short-term debt, exchange rate regime, Economic Growth of Open Economies,
Why have emerging market economies (EMEs) been stockpiling international reserves? We find that motives have varied over time?vulnerability to current account shocks was relatively important in the 1980s but, as EM...