International reserves and swap lines: substitutes or complements?
---- Acknowledgements -----
The views expressed in this paper are personal. No responsibility for them should be attributed to the Asian Development Bank or the NBER. We are grateful to Kevin Davis, Stephen Grenville, Michael Hutchison, Takatoshi Ito, Andrew Rose, the participants at the ADB Tokyo March 2010 conference, On the Future Global Reserve System, and the EASE 21 NBER conference, Sydney, June 2010 for useful comments. Any errors are ours.