Drivers of Reserves Accumulation in the South East Asian Countries
Most of the developing countries in the past were striving to maintain a comfortable level of foreign exchange reserves sufficient to cover imports of goods and services. These days, several emerging economies hold a high volume of foreign exchange reserves. This paper reviews the foreign exchange reserves accumulation trends in the South East Asian countries and investigates the major causes behind the surge in foreign exchange reserves in these economies. The empirical test results suggest that economic growth is the main driver of reserves accumulation in the South East Asian countries and the direction of impact of other factors on reserves accumulation differ according to the structure of trade and capital flows of the respective countries.
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