reserves affect both the probability of a Sudden Stop-as well as associated output costs-by reducing the balance-sheet effects … to be in line with observed holdings. Remarkably, however, observed reserves on the eve of the global financial crisis …

Over the one and a half decades prior to the global financial crisis, advanced economies experienced a large growth in …

While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar …. Theory consistent with dollar appreciation in the crisis suggests that their impact should be greater for countries that have …

This study examines whether pre-crisis international reserve accumulations, as well as exchange rate and reserve policy … decisions made during the global financial crisis, can help to explain cross-country differences in post-crisis economic … governments to purchase or sell reserve assets during the crisis period. We introduce new data made available through the IMF …

This paper studies the geography of wealth transfers during the 2008 global financial crisis. We construct valuation … changes on bilateral external positions in equity, direct investment and portfolio debt at the height of the crisis to map who …