Cheung, Yin-Wong; Qian, Xingwang - In: Review of International Economics 17 (2009) 4, pp. 824-843
Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup's Wardrobe hypothesis and the related keeping up with the Joneses argument. It is conceived that, in addition to psychological reasons, holding a relatively high level of...