The financial crisis and sizable international reserves depletion: From 'fear of floating' to the 'fear of losing international reserves'?

Joshua Aizenman, Yi Sun

NBER Working Paper No. 15308
Issued in October 2009

---- Acknowledgements -----

We gratefully acknowledge research assistance from Rajeswari Sengupta. We thank the comments of Peter Garber, Paolo Pesenti, and the participants at the Global Dimensions of the Financial Crisis, hosted by the NY FED, June 3-4, 2010. Joshua Aizenman gratefully acknowledges the hospitality, support and comments at the Hong Kong Institute for Monetary Research (HKIMR), and the support of the UCSC Presidential Chair of Economics. Any mistakes are those of the authors. 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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