ApaaOkello, Jimmy; Mkenda, Beatrice K.; Luvanda, Eliab - In: Central Bank Review (CBR) 19 (2019) 3, pp. 93-105
Some small open Least Income Countries embarked on rapid accumulation of foreign reserves in the wake of volatile capital inflows. Foreign reserve accumulation is one way of managing volatile capital flows. However, rapid and persistent accumulation is not only costly, but potentially distort...