Reserves act as effective insurance mechanisms during crises: Central Bank of Brazil paper


High international reserves at central banks reduced adjustment costs during the financial crisis, according to a Central Bank of Brazil paper published on November 9.

Antonio Francisco Silva, the paper's author, looks at evidence from 71 countries between 2008 and 2010 to examine whether central banks with higher levels of international reserves experienced lower adjustment costs during the financial crisis. Silva notes that there is no standard rule for an optimal level of international

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