IMF Paper on international reserves

The IMF Working Paper "International reserves: Precautionary vs. mercantilist views, theory, and evidence" compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries.

Overall, empirical results support precautionary motives; in particular, a more liberal capital account regime increases international reserves. Theoretically, large precautionary demand for international reserves arises as a self-insurance to avoid costly

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