International Reserves under Floating Exchanges Rates: Two Paradoxes Explained
This paper provides expressions for optimal international reserve holdings under floating exchange rates. These expressions indicate why reserves are held under a floating regime and why the level of reserve holdings under floating rates may be similar to holdings under fixed rates. Copyright 1993 by The Economic Society of Australia.
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Volume (Year): 69 (1993)
Issue (Month): 207 (December)
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