from future financial crises by accumulating international reserves (IR) while on the other hand expose themselves to … in Asia and Latin America that had increased both of their IR and public debts, and found that debt had increased the … countries except of some exceptions. We conclude that although debt and international reserves have theoretically opposite …

, the paper investigates the relation between international reserves and the existence of capital controls. We find that the … accumulation of international reserves has effectively protected countries during the 2008-09 financial crisis. More specifically … level of reserves matters: countries with high reserves relative to short-term debt suffered less from the crisis …

controls. We find that the level of reserves matters: countries with high reserves relative to short-term debt suffered less … the accumulation of international reserves: first, has the accumulation of reserves effectively protected countries during … crisis? More specifically, the paper investigates the relation between international reserves and the existence of capital …

controls. We find that the level of reserves matters: countries with high reserves relative to short-term debt suffered less … the accumulation of international reserves: first, has the accumulation of reserves effectively protected countries during … crisis? More specifically, the paper investigates the relation between international reserves and the existence of capital …