Aizenman, Joshua; Riera-Crichton, Daniel - 2006
significant relationship between hot money and REER. -- Real exchange rate ; terms of trade ; international reserves ; volatility …This paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange … rate (REER). We observe that international reserves cushions the impact of TOT shocks on the REER, and that this effect is …