English Abstract: International reserve accumulation is a commonly used policy tool to counteract massive capital … inflows in Emerging Market Economies (EMEs). We introduce a novel theory that identifies an additional rationale for reserve … accumulation. We view reserve accumulation as a supplement to private sector capital outflows which become suboptimal due to …

exchange rate reserve or value of capital movement explains movements in reserves after the crisis. Finally, it seems that it …

liberalization has contributed to this fact. The abolition of the export/import approval system seems to have accelerated the …

import indices and domestic price. Using regressions and impulse response analyses, I found that obvious asymmetric effects … exist in most of the relevant variables. In other words, the decrease of unit price of export and import and the increase of …