This study examines how the foreign currency denomination of external debt influences the currency composition of foreign exchange reserves (FXR). We follow the Gopinath and Stein (2018) framework to construct a theoretical model in which central banks consider the buffer-stock role of FXR when...

This paper studies the effects of external debt currency denomination on the currency composition of foreign exchange reserves (FXR). We construct a theoretical model in which central banks consider the buffer-stock role of FXR when managing their currency composition of FXR. The model predicts...

Using data from 11 main manufacturing industries in 17 OECD countries, this paper empirically investigates the determinants of cross-country differences in the persistence of productivity differentials Specifically, we focus on the effects of product market structure and technology diffusion. It...