The accumulation of international reserves by emerging markets raises the question of how to best utilize these funds. This paper explores two routes through which the pooling of reserves could enhance stability and welfare. First, the reserve pool could be used for emergency lending in response...

Trade promotes economic growth, alleviates poverty and helps countries reach their development goals. However, developing countries - in particular the least developed - face difficulties in making trade happen and turning trade into economic growth. The Aid for Trade Initiative - launched at...