asset accumulation appear to have contributed more to post-boom income than those devoted to domestic investment. … post-boom income, the composition of such savings matters. Specifically, in past episodes, savings allocated to foreign …

smoothness condition" for foreign asset accumulation. And comparative static analysis shows that an increase of monetary growth … more consumption, real money balance holdings and foreign asset accumulation in the long run. These conclusions are very …

accumulation in the long run; and, in the short run, except for negative effects on both consumption and foreign asset accumulation … of government consumption and positive effects on both consumption and foreign asset accumulation of foreign exchange … negative effects on current consumption and positive effects on current foreign asset accumulation. The combination of both …

doing this in the short run. Foreign asset accumulation should be used primarily to smooth volatility, rather than to build …