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This paper investigates the factors explaining exchange market pressures (EMP) and the hoarding and use of international reserves (IR) by emerging markets during the 2000s, as the Great Moderation turned to the 2008-9 global crisis and great recession. According to our results, both financial...
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of nodes, which have many and large links. In addition, the network exhibits ‘small-world' properties, such as high … clustering and low average path length. The combination of high interconnectivity, a small number of hubs, and ‘small-world …
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