Durdu, Ceyhun Bora; Mendoza, Enrique G.; Terrones, Marco E. - In: Journal of Development Economics 89 (2009) 2, pp. 194-209
Financial globalization had a rocky start in emerging economies hit by Sudden Stops. Foreign reserves have grown very rapidly since then, as if those countries were practicing a New Mercantilism that views foreign reserves as a war chest for defense against Sudden Stops. This paper conducts a...
