IMF disputes reserves’ role in shoring up stability


The International Monetary Fund's (IMF) chief economist on Thursday queried emerging economies' faith in reserves as a means to financial stability, saying "hard econometric evidence seems hard to come by."

Olivier Blanchard, the Fund's chief economist, along with Hamid Faruqee and Vladimir Kluyev, two economists from the Fund's research department, said there was no clear evidence that large reserves had aided economic performance.

The economists acknowledged that most emerging markets weathere

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