Hoarding International Reserves Versus a Pigovian Tax-Cum-Subsidy Scheme: Reflections on the Deleveraging Crisis of 2008-9, and a Cost Benefit Analysis

Joshua Aizenman

NBER Working Paper No. 15484
Issued in November 2009

---- Acknowledgements -----

I would like to thank Dale Henderson, Kathryn Dominguez, Carolyn Evans and the participants at the Workshop in Honor of Stephen Turnovsky (May 2010, IHS, Vienna) and the Pacific Basin Research Conference, SF FED (October 2010) for useful comments. Insightful comments by an anonymous referee are gratefully acknowledged. Any errors are mine. 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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