Central banks' international reserves have increased significantly in the recent past. While this accumulation has been widely perceived as precautionary savings to prevent financial crises, rising reserves might also endanger monetary and financial stability. This paper sheds new light on the...

World Economic Climate: World Economic Climate brightens again - Economic Expectations: Economic expectations turn positive - Inflation: Inflation to remain low in most countries - Currencies: US dollar expected to rise further - Interest Rates: Interest rates expected to rise - Special Topic:...

Central banks’ international reserves have increased significantly in the recent past. While this accumulation has been widely perceived as precautionary savings to prevent financial crises, rising reserves might also endanger monetary and financial stability. This paper sheds new light on the...