International Reserves Before and After the Global Crisis: Is There No End to Hoarding?
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The support of faculty research funds of the Dockson Chair, University of Southern California; the City University of Hong Kong; and Portland State University is gratefully acknowledged. We also thank Jacinta Bernadette Rico for her excellent research assistance. We are grateful to Yu-chin Chen and the participants at the April 2014 JIMF-USC conference for their insightful comments. All errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.