These notes provide a simple framework to analyze the changing environment for central banks both in advanced and emerging economies. Three main points are stressed: first, that the ramifications of crisis into central banks are being multiple, affecting the structural setting of their...

This paper assesses whether domestic costs of reserve accumulation - and in particular monetary costs - constitute an eventual limit to the process in emerging markets. We find that sterilization is the first measure to deal with these costs. Then, we turn to study whether diminishing ability to...