Aizenman J. Hoarding international reserves versus a Pigovian taxcumsubsidy scheme: Reflections on the deleveraging crisis of 2008-2009, and a cost benefit analysis[J]. Journal of Economic Dynamics and Control, 2011, 35(9): 1502-1513.
[4]
Aizenman J. Large hoarding of international reserves and the emerging global economic architecture[J]. Manchester School, 2007, 76(5): 487-503.
[5]
Caballero R, Panageas S. A quantitative model of sudden stops and external liquidity management[R]. NBER Working Paper No. 11293, 2005.
[6]
Delatte AL, Fouquau J. The determinants of international reserves in the emerging countries: A nonlinear approach[R]. MPRA Paper No. 16311, 2009.
[7]
Cheng G. A growth perspective on foreign reserve accumulation[J]. Macroeconomic Dynamics, 2014, 1(1): 1-22.
[8]
Dooley M, FolkertsLandau D, Garber P. An essay on the revived bretton woods system[R]. NBER Working Paper No. 9971, 2003.
[9]
Eichengreen B. Capital account liberalization: What do the crosscountry studies tell us?[J]. World Bank Economic Review, 2001, 15(3): 341-365.
[10]
Faust J, Rogers J H,Swanson E,et al. Identifying the effects of monetary policy shocks on exchange rates using high frequency data[J]. Journal of the European Economic Association, 2003, 1(5):1031-1057.
[11]
IMF. Three current policy issues in developing countries[J]. World Economic Outlook: Building Institutions, 2003, 9: 65-111.
[12]
Jeanne O. International reserves in emerging market countries: Too much of a good thing?[J]. Brooking Papers on Economic Activity, 2007,2007（1）:1-55.
[13]
Jeanne O, Ranciere R. The optimal level of international reserves for emerging market countries: A new formula and some applications[J]. Economic Journal, 2011, 121(555): 905-930.
[14]
Mendoza R. Was the Asian crisis a wakeup call? Foreign reserves as selfprotection[J]. Journal of Asian Economics, 2010, 21（1）: 1-19.
[15]
Obstfeld M, Shambaugh J C, Taylor A M. Financial stability, the trilemma, and international reserves[J]. American Economic Journal: Macroeconomics,2010,2(2):57-94.
[16]
Radelet S, Sachs J. The onset of the East Asian financial crisis[R]. NBER Working Paper No. 6680, 1998.
[17]
RuizArranz M, Zavadjil M. Are emerging Asia’s reserves really too high?[R]. International Monetary Fund Working Paper No.08/192, 2008.
[18]
Scholl A, Uhlig H. New evidence on the puzzles: Results from agnostic identification on monetary policy and exchange rates[J]. Journal of International Economics, 2008, 76(1): 1-13.
[19]
Sun L. Measuring timevarying capital mobility in East Asia[J]. China Economic Review, 2004, 15(3): 281-291.
[20]
Taylor M P. The economics of exchange rates[J]. Journal of Economic Literature, 1995, 33(1): 13-47.
