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What is Global Demand for International Reserves about?
This working paper examines the macro-financial implications of the rising global demand and supply of international reserves, highlighting that while individual countries may benefit from accumulating reserves, a collective increase can destabilize financial and macroeconomic stability, particularly for non-reserving countries. The authors utilize a two-region model to demonstrate that surging reserves decrease world interest rates and increase private leverage, leading to greater volatility in both emergi
- Author
- historiaqin
- Language
- EN