Managing International Reserves in Developing Countries

Norman C. Miller

Asian Development Review (ADR), 1995, vol. 13, issue 01, 54-77

Abstract: The paper first presents data on international reserve holdings since the early 1960s for major groupings of countries, including the Asian developing nations. It also shows that the volume of capital flows to developing nations skyrocketed in the early 1990s, and that the composition of these flows changed in a direction that makes them more easily reversed. Then the paper carefully reviews and critiques the literature on the demand for international reserves. The practical significance of all this is summarized in a concluding section, which contains a list of suggestions for policymakers.

Date: 1995
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DOI: 10.1142/S0116110595000030

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