The phenomenal increase in bank reserves that has resulted from central bank responses to the current financial crisis has led to considerable anxiety regarding a potentially explosive and uncontrollable future increase in inflation.
Central Bank reserve creation in the era of negative money multipliers
Manmohan Singh, Peter Stella, 7 May 2012
Central banks and gold puzzles
Joshua Aizenman, Kenta Inoue, 19 March 2012
On 7 August 2009, the European Central Bank released the following Joint Statement on Gold:
The dollar question: Where are we?
Kati Suominen, 9 July 2010
The global crisis and US economic travails triggered a firestorm debate on the future of the global currency regime.
Reserves and other early warning indicators work in crisis after all
Jeffrey Frankel, George Saravelos, 1 July 2010
With aftershocks of the recent global financial earthquake still being felt in some parts of the world, it would be useful to have a set of “early warning indicators” to tell us what countries are most vulnerable. Many scholarly papers in the past have been devoted to identifying leading indicators of crises (e.g. Rose and Spiegel 2009a).
Hedging against commodity prices and precautionary reserves
Eduardo Borensztein, Olivier Jeanne, Damiano Sandri, 15 December 2009
The build-up of global imbalances has been driven in part by emerging market economies’ accumulation of large stocks of reserves – a trend that some authors view as self-insurance against volatility in international capital flows (Aizenman 2009, Aizenman and
Alternatives to sizeable hoarding of international reserves: Lessons from the global liquidity crisis
Joshua Aizenman, 30 November 2009
The spectacular increase in hoarding of international reserves (IR) by emerging markets, in the aftermath of the East Asian crisis, has been one of the defining features of global imbalances (Summers 2006). This accumulation reflects, among other factors, the self insurance provided by international reserves against sudden stops and deleveraging crises (Aizenman and Lee 2007).
International reserve losses in the 2008-9 crisis: From “fear of floating” to the “fear of losing international reserves”?
Joshua Aizenman, Yi Sun, 15 October 2009
Rapid and large liquidity funding for emerging markets
Guillermo Calvo, Rudy Loo-Kung, 10 December 2008
One can blame the G7 for incompetent financial supervision, but few would criticise them for the rapid and decisive action taken by their central banks and fiscal authorities after the crisis materialised.
Asian exchange rate asymmetry
Victor Pontines, Ramkishen S. Rajan, 19 November 2008
The IMF as a reserve manager
Michael Bordo, Harold James, 18 June 2008
In the original conception of the 1944 Bretton Woods Conference, the International Monetary Fund (IMF) was created to deal with problems that had afflicted the interwar world, particularly the lopsided distribution of reserves and the deflationary consequences for the international economy – as well as with crisis management.
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