Series: IMF Working Papers
Author(s): Marta Ruiz-Arranz , and Milan Zavadjil
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 August 2008
Keywords: external liabilities, short-term debt, reserve accumulation
Empirical analysis does not suggest that reserves are "too high" in the majority of Asian countries, though China may be a special case. Much of the reserve increase in Asia can be explained by an optimal insurance...