International Reserves and the Financial Crisis: Monetary Policy Matters
The global financial crisis in 2008 and 2009 renewed interest for the role of international reserves in preventing and mitigating currency crises. The findings usually support the view that higher (or excess) reserves provided insurance against currency instability, which is considered as a good measure for evaluation how successful countries were in international comparison. Large depreciation of the currency is even explained as a fear of losing international reserves. But in case of inflation targeting countries (IT), which during the crisis witnessed sharp depreciations, this may be of a limited value. This paper enlighten the importance of monetary policy regime in estimating the level of international reserves and extends the current literature with the discussion on central bank credibility.
Volume (Year): 6 (2012)
Issue (Month): 1 ()
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