The surge in reserves in emerging economies: Is it a New Mercantilism?

A large number of emerging economies, particularly those that have suffered Sudden Stops, have accumulated record-high stocks of foreign reserves in recent years. Two widely-cited explanations of this phenomenon attribute it to alternative interpretations of a New Mercantilism. One view, largely sponsored by the work on the “revived Bretton Woods” by Dooley, Folkerts-Landau and Garber, […]