the level of population aging increases, the household savings ratio and the share of households' investment in risky …

inflows in Emerging Market Economies (EMEs). We introduce a novel theory that identifies an additional rationale for reserve … constrained efficient equilibrium. We test our theory using data from 34 EMEs over the period 1999-2019. The findings support our … theory, as countries with more restrictions on gross capital outflows tend to accumulate larger reserves in response to …

facts can be best explained by Kuhn's paradigm theory. This paper concludes that truthfulness of a thesis on the public …