Tag: Buffer Effect

Do FX reserves promote monetary autonomy in the presence of global spillovers?

NEW PUBLICATION: This paper examines whether the size of foreign exchange (FX) reserves can explain cross-country differences in foreign currency depreciation observed over the 2021-22 Federal Reserve monetary…

Real Exchange Rate and International Reserves in the Era of Financial Integration

NEW WORKING PAPER: The global financial crisis has brought increased attention to the consequences of international reserves holdings. In an era of high financial integration, we investigate the…