Reserve Policies of Central Banks and Their Implications for U.S. Balance of Payments Policy
扩展并检验了Kenen关于中央银行储备政策的模型，探讨了国际储备中信用部分的扩张限度及其对美国国际收支赤字问题的政策含义。
Under the gold-exchange standard, national currencies have supplemented gold as an international means of payment. The extent to which the fiduciary component of international reserves can be expanded depends on the reserve policies of central banks. Investigation of these policies is essential in assessing the adequacy of international reserves and the urgency of reducing the U.S. balance of payments deficit. Therefore, in this paper, we extend and test Kenen's model on reserve policies of central banks [4] and show its implications for U.S. balance of payments policy.'