摘要 : Central banks' international reserves have increased significantly in the recent past. While this accumulation has been widely perceived as precautionary savings to prevent financial crises, rising reserves might be incompatible w... 展开 Central banks' international reserves have increased significantly in the recent past. While this accumulation has been widely perceived as precautionary savings to prevent financial crises, rising reserves might be incompatible with the goals of monetary policy. This paper assesses the consequences for monetary policy on theoretical and empirical grounds. 收起