NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Large Hoarding of International Reserves and the Emerging Global Economic Architecture

Joshua Aizenman

NBER Working Paper No. 13277
Issued in July 2007

---- Acknowledgements -----

Prepared for Growth and Business Cycles In Theory And Practice Conference, July 2007, organized by Pierre-Richard Agenor and Keith Blackburn, the Center for Growth and Business Cycle Research (CGBCR) at the University of Manchester. This paper extends comments presented at the Brookings Panel on Economic Activity, 2007. Jesus Sandoval-Hernandez provided excellent research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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