International Reserves Precautionary Versus Mercantilist Views, Theory and Evidence英语教案.pdfVIP

Open Econ Rev (2007) 18:191–214 DOI 10.1007/s11079-007-9030-z RESE ARCH ARTICLE International Reserves: Precautionary Versus Mercantilist Views, Theory and Evidence Joshua Aizenman Jaewoo Lee Published online: 1 May 2007 # Springer Science + Business Media, LLC 2007 Abstract This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries. Overall, empirical results support precautionary motives; in particular, a more liberal capital account regime increases international reserves. The