Accumulating reserves to guard against inflation is 'misplaced'

Bank of Finland

A new discussion paper from the Bank of Finland's Institute for Economies in Transition examines the potential effects on an economy of a central bank accumulating excessive foreign exchange reserves, and how to mitigate them.

The paper – Prolonged Reserves Accumulation, Credit Booms, Asset Prices and Monetary Policy in Asia, by Andrew Filardo of the Bank for International Settlements, and Pierre Siklos of Wilfrid Laurier University in Canada, finds that the best protection against costly

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