NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding

Joshua Aizenman, Jaewoo Lee

NBER Working Paper No. 12718
Issued in December 2006

---- Acknowledgements -----

We appreciate comments by Gian Maria Milesi-Ferretti and Charles Wyplosz, but are solely responsible for all errors and misinterpretations. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the NBER, the IMF or IMF policy.

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