international reserve accumulation. The evolution of our "trilemma indexes" illustrates that, after the early 1990s, industrialized … accelerating financial openness. This recent trend appears to be sustained by using sizable international reserves as a buffer. We …

-- type T chooses debt and international reserves to smooth tax collection costs; type S has higher discount factor, aiming at … itself from S in the least costly way. This is accomplished by type T reducing both international reserves and external debt …

international reserves (IR). We confirm that the determinants of IR hoarding evolve with developments in the global economy. During … negative impact of outward direct investment on IR accumulation is consistent with the recent trend of diverting international … assets from the international reserve account into tangible foreign assets; the "Joneses' effect" lends support to the …

1970-2007 period. Specifically, we investigate the degree to which the active management of international reserves and … exchange rates impacted the transmission of international price shocks to real exchange rates. We find that active reserve …

International macro-finance is a new area of open economy macroeconomics that brings portfolio choice and asset pricing … considerations into models of international macroeconomics. The importance of these considerations--typically relegated to Finance … and largely overlooked in traditional macroeconomics--for the international macroeconomy have been underscored by a series …