Journal of Finance and Marketing

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Journal of Finance and Marketing 44 7897 074717

Foreign Exchange - Research Articles

There has been a very rapid rise since the early 1990s in foreign reserves held by the developing countries. These reserves have been climbed to almost 30% of developing countries' GDP and 8 months of imports. By assuming the reasonable spreads between the yield on reserve assets and the cost of foreign borrowing, the income loss to these countries amounts to close to 1% of GDP. Conditional on existing levels of short-term foreign borrowing, this does not seem too steep a price as an insurance premium against the financial crises. But why developing countrie’s have not tried harder to reduce the short-term foreign liabilities in order to achieve the same level of liquidity remains an important puzzle.

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