A new approach to liquidity management

The thrust of articles in the 1960s about the management of international reserve assets centred on determining the optimal level of reserves for individual countries; the models were extensions of those based on optimal levels of inventories that had been developed for cash management by individual firms and financial institutions. The result was a set of statements that a country should hold reserves equal to the value of its imports for three months or six months or some other period; these

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