CentralBanking.com (CB): How has the thinking on the role of reserves changed since the start of the crisis?
Donghyun Park (DP): In one sense the crisis has shown you can never have too big a reserves stockpile. The scale of financial devastation was quite frightening. Governments thought: "We have to protect ourselves even more by accumulating even more reserves." This includes East Asian countries which already have very large levels of reserves.
It's certainly possible that the crisis has mad
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