NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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A Macroprudential Theory of Foreign Reserve Accumulation

Fernando Arce, Julien Bengui, Javier Bianchi

NBER Working Paper No. 26236
Issued in September 2019

---- Acknowledgments ----

For useful comments and suggestions, we thank Manuel Amador, Tim Kehoe, Anna Lipinska, and Nicolas Magud, as well as conference/seminar participants at the 2019 BIS-BoE-ECB-IMF Basel Workshop, the 2019 Midwest Macro Meetings, 2019 SED, and the University of Minnesota Trade Workshop. The views expressed herein are those of the authors and not necessarily those of the Bank of Canada, the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.

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