Hiro Ito

TL;DR: This paper conducted an extensive empirical analysis of the determinants of international reserve holdings and found that the relationship between international reserves and their determinants is significantly different between developed and developing economies and is not stable over time.

TL;DR: In this paper, Aizenman et al. studied how the financial conditions in the Center Economies [the U.S., Japan, and the Euro area] impact other countries over the period 1986 through 2015, focusing on five possible linkages between the center economies and the non-Center economics, or peripheral economies (PHs).

TL;DR: In this paper, the authors investigated the link between capital account openness and the output cost associated with a currency crisis and found that a higher level of financial openness prior to a crisis helps to reduce output losses for industrialized countries, but not for less developed or emerging market countries.

TL;DR: The authors examined the empirical determinants of the demand for international reserves and compared the experiences of some Asian and Latin American economies and found that different vintages of the model of international reserves give different inferences about the appropriate level of international reserve.

TL;DR: The authors examined the development of open macroeconomic policy choices among developing economies from the perspective of the powerful trilemma hypothesis and found that emerging market economies with more converged policy choices tend to experience smaller output volatility in the last two decades.