International Reserves in Emerging Market Countries: Too Much of a Good Thing?
探讨新兴市场国家国际储备规模是否过大，分析其作为应对资本流动波动的保险是否合理，以及是否因经常账户盈余导致储备过度积累。
WITH INTERNATIONAL reserves four times as large, in terms of their GDP, as in the early 1990s, emerging market countries seem more protected than ever against shocks to their current and capital accounts. Some have argued that this buildup in reserves might be warranted as insurance against the increased volatility of capital flows associated with financial globalization.1 Others view this development as the unintended conse-quence of large current account surpluses and suggest that the level of international reserves has become excessive in many of these countries.2 1