The Optimal Level of International Reserves for Emerging Market Countries: A New Formula and Some Applications
为小型开放经济体推导了应对资本流动突然停止的最优国际储备公式，发现合理参数可解释新兴市场国家的储备规模，但亚洲储备积累需假设高产出损失和高风险厌恶。
We present a model of the optimal level of international reserves for a small open economy seeking insurance against sudden stops in capital flows. We derive a formula for the optimal level of reserves and show that plausible calibrations can explain reserves of the order of magnitude observed in many emerging market countries. The buildup of reserves in emerging market Asia can be explained only if one assumes a large anticipated output cost of sudden stops and a high level of risk aversion.