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 …

English Abstract: This paper studies, from a quantity theory of money perspective, the reasons that North Korean … management of its exchange rate, using both domestic and foreign currencies in an analytic model based on the quantity theory of …