The Macroprudential Role of International Reserves
基于一个包含国际银行摩擦的福利模型，讨论新兴市场国家如何利用国际储备管理来平滑全球金融周期的影响，而非依赖资本管制。
There has been a lot of interest since the global financial crisis in policies allowing emerging market economies to smooth the effects of the global financial cycle. Although the literature has focused mostly on capital controls emerging market governments have relied mostly on international reserves management. This paper discusses the role of reserves in capital flow management based on a simple welfare-based model of capital flows with international banking frictions.