In 2010, the Brazilian finance minister Guido Mantenga declared a ‘currency war’ because of the harmful effects of the strengthening of the real. He blamed the currency’s appreciation on easy money in advanced countries, and to a lesser extent on reserve accumulation in some emerging markets.
Policymaking in crises: Pick your poison
Kristin Forbes, Michael W Klein, 24 December 2013
Shifting motives: Explaining the build-up in official reserves in emerging markets since the 1980s
Atish R Ghosh, Jonathan D Ostry, Charalambos Tsangarides, 6 February 2012
Over the past few decades, despite greater exchange-rate flexibility, emerging economies have been accumulating large stocks of international reserves. Reserve holdings, which averaged about 5% of GDP in the 1980s, have been doubling every decade since, reaching some 25% of GDP by 2010.
Policymakers must prevent financial institutions from becoming too connected to fail
Jorge A. Chan-Lau, Marco A. Espinosa-Vega, Kay Giesecke, Juan Solé, 2 May 2009
How should governments handle large and complex financial institutions that are “too big to fail” and “too connected to fail”?
Sovereign wealth funds, governance, and reserve accumulation
Joshua Aizenman, Reuven Glick, 16 January 2009
Sovereign wealth funds (SWFs) are saving funds controlled by sovereign governments that hold and manage foreign assets.
The fallout from the global credit crisis: Contagion - emerging markets under stress
Helmut Reisen, 6 December 2008
The global credit crisis has taken some time to spread from the industrialised countries to the emerging markets. But in October 2008, the contagion spread rapidly, afflicting all emerging markets, without any distinction or regard to their so-called ' fundamentals'.
The euro could surpass the dollar within ten years
Jeffrey Frankel, 18 March 2008
The International Economy recently asked experts: Ten years from now, which will likely be the next great global currency?
The rise of the euro
Richard Portes, 14 June 2007
Will the euro replace the dollar as the leading international currency?
The fuss about foreign exchange reserves accumulation
Charles Wyplosz, 28 May 2007
Over the last decade, central banks around the world have quadrupled the size of their foreign exchange reserves. The case of China, which multiplied its own stock by a factor of ten, is often mentioned as an example of these excesses, but China is not alone. Total reserves of sub-Sahara African countries have also risen by a factor of ten.
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- The roots of shadow bankingPerotti
- What’s wrong with Europe?Baldini, Manasse
- How the EZ crisis is permanently changing EU institutionsMicossi
- 21st Century Challenges: The Mobile Middle Class13 - 13 March 2014 / Royal Geographical Society, 1 Kensington Gore, SW7 London / Royal Geographical Society (with IBG)
- The 13th Annual GEP Postgraduate Conference 20141 - 2 May 2014 / Nottingham / Sponsored by Nottingham Centre for Research on Globalisation and Economic Policy (GEP) University of Nottingham, United Kingdom
- Exchange Rates and External Adjustment2 - 3 June 2014 / Zurich / Swiss National Bank
- 13th Summer School in International Development Economics: Investment, Saving and Wellbeing in Developing Countries10 - 13 June 2014 / Palazzo Feltrinelli, Gargnano, Lake Garda (Italy) / Organisers: Centro Studi Luca d’Agliano, Centre for Economic Policy Research (CEPR), Paolo Baffi Center on International Markets, Money and Regulation, Department of Ec