International liquidity swaps: is the Chiang Mai Initiative\ud pooling reserves efficiently?
Kohlscheen, Emanuel; Taylor, Mark P.;
Publisher: University of Warwick, Department of Economics
We analyze the network of bilateral liquidity swaps (BSAs) among the ASEAN+3 countries. We find that the network has taken the correlation of capital flows in the region into account, in the sense that countries with lower correlation of reserve growth have engaged in l... View more