Delatte, Anne-Laure; Fouquau, Julien - In: Revue économique 63 (2012) 5, pp. 1013-1023
According to the existing empirical literature, Central Banks in emerging countries accumulate international reserves exclusively for precautionary motives. In sum, they would hoard reserves to hedge against sudden-stop episodes. This explanation is convincing until the nineties, but it neglects...