摘要：Using data from 59 economies for the period 1996-2011, we assess whether international reserves depreciate the exchange rate, as the mercantilist motive for accumulating international reserves holds. Our results suggest that international reserves tend to be associated with appreciations of the real exchange rate; this evidence is opposite to the mercantilist view, implying that they do not contribute to growth and development.
关键词：international reserves; real exchange rate; growth and development; mercantilism
