It was a real pleasure to present my paper, written with Joshua Aizenman, Toan D. L. Hyun, Sy-Hoa Ho, and Gazi S. Uddin, on the usefulness of international reserve to smooth external shocks during the session organized by the South African Reserve Bank on Monetary Policy and Sovereign Risk in Emerging Economies in Frankfurt.
The paper is available on the NBER website: https://www.nber.org/papers/w30891
I am grateful to Monique Reid, Marco Flaccadoro, Rory Mullen, Goetz von Peter, and all the participants for excellent remarks and presentations. I learned a lot.
