A note on the dynamic adjustment of the demand for international reserves by LDC's |
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| Authors: | Sebastian Edwards |
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| Institution: | University of Chicago, Chicago, IL 60637, USA |
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| Abstract: | The dynamics of the adjustment of the demand for international reserves by LDC's is analyzed. Using a GLS procedure on pooled cross section-time series data it is showed that, contrary to previous results, the speed at which actual reserves adjust to desired reserves is very fast: in one year 95 percent of this adjustment is completed. |
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