Skip to main content

Less to EM reserve accumulation than meets the eye

Foreign exchange reserve accumulation by emerging markets has been cited by some as a reason whybond yields in the developed world have fallen in recent months and by others as evidence that the morevulnerable EMs are rebuilding external buffers following last year’s “taper tantrum”. However, a closerlook at the data suggests that neither claim holds much water.

Subscriber content

Read this in full, free

Start a free trial and use one of your 10 free starter credits to unlock this piece.


Free. 10 articles. No card required.

By completing this form you are agreeing to our Terms and Conditions for the provision of a free trial of Capital Economics' services. We take your privacy seriously and will not share your details with others without your consent. By providing your details, including your email address, you are consenting to Capital Economics sending you macroeconomic commentary and analysis. You can unsubscribe at any time. See our Privacy Policy for more information.