Foreign exchange reserves

968:

overstate the cost. Alternatively, another measure compares the yield in reserves with the alternative scenario of the resources being invested in capital stock to the economy, which is hard to measure. One interesting measure tries to compare the spread between short term foreign borrowing of the private sector and yields on reserves, recognizing that reserves can correspond to a transfer between the private and the public sectors. By this measure, the cost can reach 1% of GDP to developing countries. While this is high, it should be viewed as an insurance against a crisis that could easily cost 10% of GDP to a country. In the context of theoretical economic models it is possible to simulate economies with different policies (accumulate reserves or not) and directly compare the welfare in terms of consumption. Results are mixed, since they depend on specific features of the models.

807:

If a specific country is suffering from a balance of payments crisis, it would be able to borrow from the IMF. However, the process of obtaining resources from the Fund is not automatic, which can cause problematic delays especially when markets are stressed. Therefore, the fund only serves as a provider of resources for longer term adjustments. Also, when the crisis is generalized, the resources of the IMF could prove insufficient. After the 2008 crisis, the members of the Fund had to approve a capital increase, since its resources were strained. Moreover, after the 1997 Asian crisis, reserves in Asian countries increased because of doubt in the IMF reserves. Also, during the 2008 crisis, the

378: 1032:

1944 to 1968, the US dollar was convertible into gold through the Federal Reserve System, but after 1968 only central banks could convert dollars into gold from official gold reserves, and after 1973 no individual or institution could convert US dollars into gold from official gold reserves. Since 1973, no major currencies have been convertible into gold from official gold reserves. Individuals and institutions must now buy gold in private markets, just like other commodities. Even though US dollars and other currencies are no longer convertible into gold from official gold reserves, they still can function as official international reserves.

987:(CHF) appreciated sharply. The central bank resisted appreciation by buying reserves. After accumulating reserves during 15 months until June 2010, the SNB let the currency appreciate. As a result, the loss with the devaluation of reserves just in 2010 amounted to CHF 27 Billion or 5% of GDP (part of this was compensated by the profit of almost CHF6 Billion due to the surge in the price of gold). In 2011, after the currency appreciated against the Euro from 1.5 to 1.1, the SNB announced a ceiling at the value of CHF 1.2. In the middle of 2012, reserves reached 71% of GDP. 366: 2668: 1089:

assets of Japan were about 13% of GDP but by the end of 1989 had reached an unprecedented 62%. After 1997, nations in East and Southeast Asia began their massive build-up of forex reserves, as their levels were deemed too low and susceptible to the whims of the market credit bubbles and busts. This build-up has major implications for today's developed world economy, by setting aside so much cash that was piled into US and European debt, investment had been

1199: 532: 519: 391: 657:. Hence, in the long term, the monetary policy has to be adjusted in order to be compatible with that of the country of the base currency. Without that, the country will experience outflows or inflows of capital. Fixed pegs were usually used as a form of monetary policy, since attaching the domestic currency to a currency of a country with lower levels of inflation should usually assure convergence of prices. 2678: 1870: 689:, target bands or similar variations) may require the use of foreign exchange operations to maintain the targeted exchange rate within the prescribed limits, such as fixed exchange rate regimes. As seen above, there is an intimate relation between exchange rate policy (and hence reserves accumulation) and monetary policy. Foreign exchange operations can be 790:, broad money to short-term external debt, and short-term external debt to short-term external debt on residual maturity basis plus current account deficit. Therefore, countries with similar characteristics accumulate reserves to avoid negative assessment by the financial market, especially when compared to members of a 873:(WTO) in 1995, the regulation of trade is a major concern for most countries throughout the world. Hence, commercial distortions such as subsidies and taxes are strongly discouraged. However, there is no global framework to regulate financial flows. As an example of regional framework, members of the 700:

and monetary policy. For example, to maintain the same exchange rate if there is increased demand, the central bank can issue more of the domestic currency and purchase foreign currency, which will increase the sum of foreign reserves. Since (if there is no sterilization) the domestic money supply is

1031:

Official international reserves, the means of official international payments, formerly consisted only of gold, and occasionally silver. But under the Bretton Woods system, the US dollar functioned as a reserve currency, so it too became part of a nation's official international reserve assets. From

806:

for potential times of crises, especially balance of payments crises. Original fears were related to the current account, but this gradually changed to also include financial account needs. Furthermore, the creation of the IMF was viewed as a response to the need of countries to accumulate reserves.

856:

that states a country should hold liquid reserves equal to their foreign liabilities coming due within a year. For example, international wholesale financing relied more on Korean banks in the aftermath of the 2008 crisis, when the Korean Won depreciated strongly, because the Korean banks' ratio of

348:

are also considered reserve assets. Often, for convenience, the cash or securities are retained by the central bank of the reserve or other currency and the "holdings" of the foreign country are tagged or otherwise identified as belonging to the other country without them actually leaving the vault

926:

schemes. Thus, reserves accumulation would correspond to a loan to foreigners to purchase a quantity of tradable goods from the economy. In this case, the real exchange rate would depreciate and the growth rate would increase. In some cases, this could improve welfare, since the higher growth rate

673:

was a strong advocate of flexible exchange rates, since he considered that independent monetary (and in some cases fiscal) policy and openness of the capital account are more valuable than a fixed exchange rate. Also, he valued the role of exchange rate as a price. As a matter of fact, he believed

757:

in the early 1970s, many countries adopted flexible exchange rates. In theory reserves are not needed under this type of exchange rate arrangement; thus the expected trend should be a decline in foreign exchange reserves. However, the opposite happened and foreign reserves present a strong upward

1088:

in an arms race which ended with the latter's bankruptcy, and at the same time, turned Japan into the world's largest creditor and the US the largest debtor, as well as swelled Japan's domestic debt (Japan sold its own currency to fund the buildup of dollar based assets). By end of 1980, foreign

964:. However, this may be less than the reduction in purchasing power of that currency over the same period of time due to inflation, effectively resulting in a negative return known as the "quasi-fiscal cost". In addition, large currency reserves could have been invested in higher yielding assets. 352:

Normally, interest is not paid on foreign cash reserves, nor on gold holdings, but the central bank usually earns interest on government securities. The central bank may, however, profit from a depreciation of the foreign currency or incur a loss on its appreciation. The central bank also incurs

652:

would tend to push the value of the currency lower or higher (an increase in demand for the currency would tend to push its value higher, and a decrease lower) and thus the central bank would have to use reserves to maintain its fixed exchange rate. Under perfect capital mobility, the change in

967:

Several calculations have been attempted to measure the cost of reserves. The traditional one is the spread between government debt and the yield on reserves. The caveat is that higher reserves can decrease the perception of risk and thus the government bond interest rate, so this measures can

664:

regime, the central bank does not intervene in the exchange rate dynamics; hence the exchange rate is determined by the market. Theoretically, in this case reserves are not necessary. Other instruments of monetary policy are generally used, such as interest rates in the context of an

506:. There is no counterpart for reserve assets in liabilities of the International Investment Position. Usually, when the monetary authority of a country has some kind of liability, this will be included in other categories, such as Other Investments. On a central bank's 831:). Reserve accumulation was faster than that which would be explained by trade, since the ratio has increased to several months of imports. Furthermore, the ratio of reserves to foreign trade is closely watched by credit risk agencies in months of imports. 1133:

between various components of the balance of payments and the probability of tail events. The higher the ratio of reserves to the developed metric, the lower is the risk of a crisis and the drop in consumption during a crisis. Besides that, the Fund does

885:

trade balance and reserve accumulation during the first decade of the 2000 was one of the main reasons for the interest in this topic. Some economists are trying to explain this behavior. Usually, the explanation is based on a sophisticated variation of

959:

decreases constantly due to devaluation through inflation. Therefore, a central bank must continually increase the amount of its reserves to maintain the same power to manage exchange rates. Reserves of foreign currency may provide a small return in

827:, maintain reserves to ensure no interruption. A rule usually followed by central banks is to hold in reserve at least three months of imports. Also, an increase in reserves occurred when commercial openness increased (part of the process known as 724:

instruments (in some countries Central Banks are not allowed to emit debt by themselves). In practice, few central banks or currency regimes operate on such a simplistic level, and numerous other factors (domestic demand, production and

732:

As a consequence, even those central banks that strictly limit foreign exchange interventions often recognize that currency markets can be volatile and may intervene to counter disruptive short-term movements (that may include

1953: 1128:

The IMF proposed a new metric to assess reserves adequacy in 2011. The metric was based on the careful analysis of sources of outflow during crisis. Those liquidity needs are calculated taking in consideration the

729:, imports and exports, relative prices of goods and services, etc.) will affect the eventual outcome. Besides that, the hypothesis that the world economy operates under perfect capital mobility is clearly flawed. 851:

became more important. Usually financial flows are more volatile that enforce the necessity of higher reserves. Moreover, holding reserves, as a consequence of the increasing of financial flows, is known as

1035:

Central banks throughout the world have sometimes cooperated in buying and selling official international reserves to attempt to influence exchange rates and avert financial crisis. For example, in the

701:

increasing (money is being 'printed'), this may provoke domestic inflation. Also, some central banks may let the exchange rate appreciate to control inflation, usually by the channel of cheapening

1892: 782:

agencies and international organizations use ratios of reserves to other external sector variables to assess a country's external vulnerability. For example, Article IV of 2013 uses total

1176:

ECN is a unique electronic communication network that links different participants of the Forex market: banks, centralized exchanges, other brokers and companies and private investors.

1141:

Reserves that are above the adequacy ratio can be used in other government funds invested in more risky assets such as sovereign wealth funds or as insurance to time of crisis, such as

737:). Thus, intervention does not mean that they are defending a specific exchange rate level. Hence, the higher the reserves, the higher is the capacity of the central bank to smooth the 716:

could be the result. For a currency in very high and rising demand, foreign exchange reserves can theoretically be continuously accumulated, if the intervention is sterilized through

1524: 2001: 927:

would compensate the loss of the tradable goods that could be consumed or invested. In this context, foreigners have the role to choose only the useful tradable goods sectors.

939:

for lack of better alternatives. With these resources, the government buys foreign assets. Thus, the government coordinates the savings accumulation in the form of reserves.

898:

to show that it is possible to replicate a tariff on imports or a subsidy on exports by closing the capital account and accumulating reserves. Another is more related to the

1996: 1104:

with other institutions. Developed countries authorities adopted extra expansionary monetary and fiscal policies, which led to the appreciation of currencies of some

894:

sector of an economy, by avoiding the real exchange rate appreciation that would naturally arise from this process. One attempt uses a standard model of open economy

2623: 2050:

Eichengreen, Barry. Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System. Oxford University Press, USA, 2011.

478:, and may be labeled as reserve assets under assets by functional category. In terms of financial assets classifications, reserve assets can be classified as 943:

are examples of governments that try to save the windfall of booming exports as long-term assets to be used when the source of the windfall is extinguished.

482:, unallocated gold accounts, special drawing rights, currency, reserve position in the IMF, interbank position, other transferable deposits, other deposits, 2493: 1068:, central banks had rather meager reserves (by today's standards) and were therefore subject to the whims of the market, of which there was accusations of 613:

Reserves assets allow a central bank to purchase the domestic currency, which is considered a liability for the central bank (since it prints the money or

2485: 2440: 1617: 2203: 1165:

would be second after China. Apart from high foreign exchange reserves, Singapore also has significant government and sovereign wealth funds including

935:

Reserve accumulation can be seen as a way of "forced savings". The government, by closing the financial account, would force the private sector to buy

305:

of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets. Reserves are held in one or more

1967: 2508: 2461: 2409: 2393: 1232: 2573: 2498: 1774: 1398: 2598: 1185: 2075: 1000:

The modern exchange market as tied to the prices of gold began during 1880. Of this year the countries significant by size of reserves were

1288: 1072:

manipulation, however Japan was the exception. In the case of Japan, forex reserves began their ascent a decade earlier, shortly after the

2038: 1521: 1369: 914:, higher competition, technological spillovers and increasing returns to scale). The government could improve the equilibrium by imposing 2603: 2388: 1321: 674:

that sometimes it could be less painful and thus desirable to adjust only one price (the exchange rate) than the whole set of prices of

2608: 1751: 1688: 1468: 549: 408: 257: 1555: 696:

Non-sterilization will cause an expansion or contraction in the amount of domestic currency in circulation, and hence directly affect

588:, to ensure that the central bank has control over adequate foreign assets to meet national objectives. These objectives may include: 2618: 1443: 17: 1807: 2588: 2583: 2563: 2553: 2548: 2471: 653:

reserves is a temporary measure, since the fixed exchange rate attaches the domestic monetary policy to that of the country of the

1359:"Compositional Analysis Of Foreign Currency Reserves In The 1999–2007 Period. The Euro Vs. The Dollar As Leading Reserve Currency" 2017:

Compositional Analysis Of Foreign Currency Reserves In The 1999–2007 Period. The Euro Vs. The Dollar As Leading Reserve Currency

2628: 2503: 2383: 1500: 866: 786:

to gross international reserves, gross international reserves in months of prospective goods and nonfactor services imports to

1482:

Bastourre, Diego, Jorge Carrera, and Javier Ibarlucia. "What is driving reserve accumulation? A dynamic panel data approach."

2712: 2523: 2148: 2123: 979:, so it usually appreciates during market's stress. In the aftermath of the 2008 crisis and during the initial stages of the 902:

literature. The argument is that the tradable sector of an economy is more capital intense than the non-tradable sector. The

595:

limiting external vulnerability to shocks during times of crisis or when access to borrowing is curtailed, and in doing so -

2681: 2643: 2633: 2543: 1642: 2558: 2538: 2528: 2518: 2362: 1726: 1840: 2707: 2648: 2638: 2533: 2039:

Lawrence H. Summers: Reflections on global account imbalances and emerging markets reserve accumulation – 24 March 2006

1227: 1222: 1592:

Korinek, Anton, and Luis Serven. "Undervaluation through foreign reserve accumulation: static losses, dynamic gains."

2717: 2613: 2568: 2225: 2128: 2068: 1918: 571: 430: 2702: 2593: 815:

lines with several countries, alleviating liquidity pressures in dollars, thus reducing the need to use reserves.

708:

Since the amount of foreign reserves available to defend a weak currency (a currency in low demand) is limited, a

1154: 1081: 1025: 118: 1112:

led to policies aiming to prevent inflows of capital and more accumulation of reserves. This pattern was called

906:

invests too little in capital, since it fails to understand the social gains of a higher capital ratio given by

720:

to prevent inflation from rising. On the other hand, this is costly, since the sterilization is usually done by

2466: 1676: 1653: 1242: 1162: 1138:

of several factors listed above and finds those reserves ratios are generally adequate among emerging markets.

922:, but the hypothesis is that the government is unable to distinguish between good investment opportunities and 553: 412: 250: 1606: 1100:

By 2007, the world had experienced yet another financial crisis, this time the US Federal Reserve organized

1094: 2722: 2671: 2419: 2061: 1964: 857:

short-term external debt to reserves was close to 100%, which exacerbated the perception of vulnerability.

2578: 2352: 2230: 2198: 1170: 1101: 1065: 853: 460: 1986: 1665: 1080:. This effectively granted the United States a massive loan as they were almost exclusively invested in 377: 357:

from holding the reserve assets (especially cash holdings) and from their storage, security costs, etc.

2218: 1766: 1345: 762:(GDP) and imports in many countries. The only ratio that is relatively stable is foreign reserves over 638: 298: 72: 2006: 1937: 1497:"Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development: Communiqué" 1981: 1943: 1940: 1394: 895: 844: 690: 625:, but this dynamic should be analyzed generally in the context of the level of capital mobility, the 592:

supporting and maintaining confidence in the national monetary and exchange rate management policies,

349:

of that central bank. From time to time they may be physically moved to the home or another country.

243: 62: 522:

Currency composition of official foreign exchange reserves (2000-2019), in trillions of U.S. dollars

2213: 1900: 1896: 1888: 1880: 1090: 870: 180: 1311:"International Monetary Fund (IMF). Balance of payments manual. International Monetary Fund, 2010" 693:(have their effect on the money supply negated via other financial transactions) or unsterilized. 644:

A central bank which chooses to implement a fixed exchange rate policy may face a situation where

2414: 2302: 1237: 1109: 542: 401: 164: 149: 108: 2011: 1284: 2456: 1262: 1117: 1017: 1009: 865:

Reserve accumulation can be an instrument to interfere with the exchange rate. Since the first

759: 661: 456: 345: 226: 77: 2016: 1976: 1358: 1093:, the developed world economy had effectively slowed to a crawl, giving birth to contemporary 604:

assisting the government to meet its foreign exchange needs and external debt obligations, and

2337: 2297: 2255: 2118: 1310: 940: 742: 717: 370: 231: 185: 154: 67: 2317: 2235: 1946: 1544: 1158: 980: 848: 754: 738: 686: 621:). Thus, the quantity of foreign exchange reserves can change as a central bank implements 495: 310: 87: 82: 57: 1436: 955:

result in gains and losses in the value of reserves. In addition, the purchasing power of

8: 2357: 2153: 2103: 2084: 1796: 1212: 972: 840: 824: 666: 475: 302: 2435: 2098: 1142: 734: 645: 634: 483: 92: 2029:

Y V Reddy: India's foreign exchange reserves – policy, status and issues – 10 May 2002

2280: 1745: 1672: 1649: 1462: 2007:

Are changes in foreign exchange reserves well correlated with official intervention?

1579:

Jeanne, Olivier. "Capital Account Policies and the Real Exchange Rate." No. w18404.

1496: 1263:"IMF Data - Currency Composition of Official Foreign Exchange Reserve - At a Glance" 2208: 2108: 1977:

An empirical analysis of foreign exchange reserves in emerging Asia – December 2005

1689:"Bordo, Michael D. International Rescues versus Bailouts: A Historical Perspective" 1166: 503: 499: 354: 306: 211: 144: 113: 2034:

Marion Williams: foreign exchange reserves – how much is enough? – 2 November 2005

2327: 2260: 2250: 2113: 1991: 1971: 1528: 1105: 1041: 1001: 899: 878: 808: 721: 709: 670: 622: 471: 329: 325: 139: 365: 2653: 2178: 1045: 903: 874: 443:

Foreign exchange reserves are also known as reserve assets and include foreign

333: 1997:

Are high foreign exchange reserves in emerging markets a blessing or a burden?

1719: 2696: 2313: 2265: 2168: 2143: 1049: 1037: 1021: 976: 952: 936: 911: 828: 812: 783: 654: 626: 507: 467: 448: 337: 221: 216: 195: 159: 52: 47: 1987:

Foreign exchange reserves in east asia: why the high demand? – 25 April 2003

1832: 290: 2513: 2308: 1204: 1135: 1113: 1085: 1077: 1073: 1053: 923: 887: 763: 726: 452: 294: 286: 190: 843:

has been important during the last decade. Hence, financial flows such as

2158: 2033: 2028: 1130: 984: 907: 891: 787: 779: 713: 702: 1643:

Money, Capital Mobility, and Trade: Essays in Honor of Robert A. Mundell

951:

There are costs in maintaining large currency reserves. Fluctuations in

584:

Typically, one of the critical functions of a country's central bank is

2292: 2288: 2270: 2245: 2133: 1395:"Quotes from "The Case for Flexible Exchange Rates" by Milton Friedman" 956: 791: 614: 556: in this section. Unsourced material may be challenged and removed. 415: in this section. Unsourced material may be challenged and removed. 2053: 1116:

by an exasperated Brazilian authority, and again in 2016 followed the

607:

maintaining a reserve for potential national disasters or emergencies.

2240: 2173: 1150: 1069: 697: 975:, the central bank of Switzerland. The Swiss franc is regarded as a 531: 510:, foreign exchange reserves are assets, along with domestic credit. 451:, and short and long-term foreign government securities, as well as 390: 2367: 1899:

external links, and converting useful links where appropriate into

961: 630: 479: 466:

In a central bank's accounts, foreign exchange reserves are called

444: 321: 134: 1833:"Sovereign Wealth Fund Rankings - Sovereign Wealth Fund Institute" 518: 2321: 1179: 1076:

in 1985, and were primarily used as a tool to weaken the surging

1013: 1005: 915: 803: 637:. Hence, in a world of perfect capital mobility, a country with 2163: 1217: 1146: 919: 649: 1958: 1422:

Rodrik, Dani. "The social cost of foreign exchange reserves."

882: 675: 641:

would not be able to execute an independent monetary policy.

491: 1797:"Assessing Reserve Adequacy, IMF Policy Paper July 14, 2011" 494:(listed and unlisted), investment fund shares and financial 1767:"Mexico warns of China triggering 'perverse' currency wars" 1594:

World Bank Policy Research Working Paper Series, Vol (2010)

679: 487: 341: 314: 282: 618: 1982:

Foreign exchange reserves: issues in asia – January 2005

881:, except in an extraordinary situation. The dynamics of 1120:, Mexico had warned China of triggering currency wars. 774: 766:. Below are some theories that can explain this trend. 1108:. The resistance to appreciation and the fear of lost 381:

Foreign exchange reserves minus external debt in 2011

2012:

Foreign exchange reserves buildup: business as usual

1194: 27:

Money held by a central bank to pay debts, if needed

2441:

Cooperation Council for the Arab States of the Gulf

1607:"Annual result of the Swiss National Bank for 2010" 1938:Guidelines for foreign exchange reserve management 1545:"Republic of Korea: 2009 Article IV Consultation—" 1346:GUIDELINES FOR FOREIGN EXCHANGE RESERVE MANAGEMENT 340:. Some countries hold a part of their reserves in 2462:Economic and Monetary Community of Central Africa 1992:Optimal currency shares in international reserves 1883:may not follow Knowledge's policies or guidelines 2694: 2410:Customs Union of Belarus, Kazakhstan, and Russia 2394:South Asian Association for Regional Cooperation 1348:by the Staff of the International Monetary Fund 1233:International Reserves of the Russian Federation 995: 601:demonstrating backing for the domestic currency, 1123: 1522:Proposal for a new IMF role: SWF manager | vox 1186:List of countries by foreign-exchange reserves 1180:List of countries by foreign-exchange reserves 320:Foreign exchange reserves assets can comprise 2069: 251: 930: 2389:Regional Comprehensive Economic Partnership 660:In a pure flexible exchange rate regime or 629:regime and other factors. This is known as 598:providing a level of confidence to markets, 2076: 2062: 1169:(last valued at US$ 375 billion) and 1044:borrowed GBP 2 million from the 839:The opening of a financial account of the 258: 244: 2002:The adequacy of foreign exchange reserves 1919:Learn how and when to remove this message 1059: 890:, such as to protect the take-off in the 572:Learn how and when to remove this message 431:Learn how and when to remove this message 2472:West African Economic and Monetary Union 1418: 1416: 869:(GATT) of 1948 to the foundation of the 682:of the economy, that are less flexible. 517: 376: 364: 2083: 1668:John Wiley & Sons, 22 November 2011 1173:(last valued at US$ 440 billion). 860: 797: 748: 14: 2695: 2384:Association of Southeast Asian Nations 2204:UN Conference on Trade and Development 1764: 1750:: CS1 maint: archived copy as title ( 1714: 1712: 1561:from the original on 24 September 2015 1467:: CS1 maint: archived copy as title ( 1157:would rank higher on these lists, and 1084:, which assisted the US to engage the 867:General Agreement on Tariffs and Trade 741:of the Balance of Payments and assure 2149:Import substitution industrialization 2057: 1449:from the original on 8 September 2013 1413: 834: 2677: 2403:Europe, Central Asia, and North Asia 1863: 1641:GA Calvo, R Dornbusch, M Obstfeld - 1581:National Bureau of Economic Research 1473:Colombia2013 Article IV Consultation 1375:from the original on 10 October 2017 1064:Historically, especially before the 775:Signaling or vulnerability indicator 554:adding citations to reliable sources 525: 413:adding citations to reliable sources 384: 2363:Central American Integration System 1732:from the original on 6 October 2016 1709: 1291:from the original on 8 October 2014 971:A case to point out is that of the 24: 1623:from the original on 12 April 2018 1503:from the original on 16 March 2015 1327:from the original on 11 April 2018 1255: 1228:Foreign-exchange reserves of India 1223:Foreign-exchange reserves of China 25: 2734: 2226:International Chamber of Commerce 2129:Export-oriented industrialization 1859: 1843:from the original on 21 June 2015 1813:from the original on 22 July 2017 1484:Review of International Economics 818: 447:, foreign bank deposits, foreign 332:of the reserve currency, such as 285:and other reserve assets such as 2676: 2667: 2666: 1868: 1777:from the original on 15 May 2016 1401:from the original on 29 May 2015 1197: 877:are prohibited from introducing 530: 389: 301:that are primarily available to 1959:International Business Times AU 1837:Sovereign Wealth Fund Institute 1825: 1789: 1765:Webber, Jude (7 January 2016). 1758: 1681: 1658: 1635: 1599: 1586: 1573: 1537: 1515: 1489: 1161:' estimated $ 627 billion 1056:in the post gold-standard era. 758:trend. Reserves grew more than 541:needs additional citations for 400:needs additional citations for 119:Retail foreign exchange trading 2467:Southern African Customs Union 1476: 1429: 1424:International Economic Journal 1387: 1351: 1339: 1303: 1277: 1243:Global assets under management 1163:Abu Dhabi Investment Authority 13: 1: 1965:A primer on exchange reserves 1265:. International Monetary Fund 1248: 996:Origins and Gold Standard Era 685:Mixed exchange rate regimes ( 360: 2713:International macroeconomics 2624:Telecommunications equipment 2429:Middle East and North Africa 2420:European Union Customs Union 1124:Adequacy and excess reserves 1102:central bank liquidity swaps 1048:. The same was true for the 369:Reserves of SDRs, forex and 7: 2353:Andean Community of Nations 2231:Bilateral investment treaty 2199:International Monetary Fund 2022: 1931: 1670:Retrieved 27 July 2102. 1647:Retrieved 27 July 2012. 1533:Retrieved 18 July 2013. 1190: 1066:1997 Asian financial crisis 1040:(the "Panic of 1890"), the 769: 461:International Monetary Fund 313:and to a lesser extent the 10: 2739: 2219:International Trade Centre 1183: 1145:. If those were included, 990: 513: 2708:Foreign exchange reserves 2662: 2494:Aircraft & Spacecraft 2484: 2449: 2428: 2402: 2376: 2345: 2336: 2279: 2187: 2139:Foreign exchange reserves 2091: 1954:What is Foreign Exchange? 1666:A Foreign Exchange Primer 931:Intergenerational savings 896:intertemporal consumption 463:(IMF) reserve positions. 271:Foreign exchange reserves 63:Exchange-rate flexibility 18:Foreign-exchange reserves 2718:Macroeconomic indicators 2214:World Trade Organization 2044: 1645:MIT Press, 1 March 2004 946: 871:World Trade Organization 181:Bretton Woods Conference 2703:Foreign exchange market 2415:Eurasian Economic Union 2303:Repeal of the Corn Laws 1941:Accompanying Document 1 1527:6 November 2014 at the 1238:Foreign exchange market 1095:negative interest rates 854:Guidotti–Greenspan rule 165:Foreign exchange option 150:Non-deliverable forward 109:Foreign exchange market 2457:East African Community 2338:Regional organizations 1060:Post Gold Standard Era 1018:Grand Duchy of Finland 1010:Canadian Confederation 941:Sovereign wealth funds 910:(like improvements in 823:Countries engaging in 760:gross domestic product 718:open market operations 662:floating exchange rate 523: 457:special drawing rights 382: 374: 346:special drawing rights 309:, nowadays mostly the 227:Foreign exchange fraud 78:Floating exchange rate 2298:The Wealth of Nations 2256:Special economic zone 2119:Comparative advantage 1970:26 March 2009 at the 1486:17.4 (2009): 861–877. 1426:20.3 (2006): 253-266. 802:Reserves are used as 753:After the end of the 743:consumption smoothing 521: 380: 368: 330:government securities 232:Currency intervention 186:Smithsonian Agreement 173:Historical agreements 155:Foreign exchange swap 2318:Economic nationalism 2236:Economic integration 1889:improve this article 1159:United Arab Emirates 1136:econometric analysis 1118:commodities collapse 861:Exchange rate policy 849:portfolio investment 798:Precautionary aspect 755:Bretton Woods system 749:Reserve accumulation 550:improve this article 409:improve this article 311:United States dollar 88:Managed float regime 83:Linked exchange rate 58:Exchange rate regime 2723:Government finances 2574:Integrated circuits 2358:Caribbean Community 2154:Net capital outflow 2104:Balance of payments 2085:International trade 1961:on 11 February 2011 1957:" published by the 1901:footnote references 1213:Balance of payments 1155:Persian Gulf States 1143:stabilization funds 977:safe haven currency 973:Swiss National Bank 841:balance of payments 825:international trade 735:speculative attacks 667:inflation targeting 639:fixed exchange rate 476:balance of payments 73:Fixed exchange rate 2486:Exports by product 2436:Arab Customs Union 2099:Absolute advantage 835:Financial openness 745:in the long term. 635:impossible trinity 586:reserve management 524: 383: 375: 307:reserve currencies 299:monetary authority 93:Dual exchange rate 2690: 2689: 2480: 2479: 2450:Subsaharan Africa 2281:Political economy 1929: 1928: 1921: 845:direct investment 582: 581: 574: 500:forward contracts 441: 440: 433: 355:opportunity costs 268: 267: 16:(Redirected from 2730: 2680: 2679: 2670: 2669: 2343: 2342: 2209:World Bank Group 2109:Balance of trade 2078: 2071: 2064: 2055: 2054: 1924: 1917: 1913: 1910: 1904: 1872: 1871: 1864: 1853: 1852: 1850: 1848: 1829: 1823: 1822: 1820: 1818: 1812: 1801: 1793: 1787: 1786: 1784: 1782: 1762: 1756: 1755: 1749: 1741: 1739: 1737: 1731: 1724: 1716: 1707: 1706: 1704: 1702: 1693: 1685: 1679: 1671: 1662: 1656: 1648: 1639: 1633: 1632: 1630: 1628: 1622: 1611: 1603: 1597: 1590: 1584: 1577: 1571: 1570: 1568: 1566: 1560: 1549: 1541: 1535: 1534: 1519: 1513: 1512: 1510: 1508: 1493: 1487: 1480: 1474: 1472: 1466: 1458: 1456: 1454: 1448: 1441: 1433: 1427: 1420: 1411: 1410: 1408: 1406: 1391: 1385: 1384: 1382: 1380: 1374: 1363: 1355: 1349: 1343: 1337: 1336: 1334: 1332: 1326: 1315: 1307: 1301: 1300: 1298: 1296: 1281: 1275: 1274: 1272: 1270: 1259: 1207: 1202: 1201: 1200: 1167:Temasek Holdings 1106:emerging markets 879:capital controls 577: 570: 566: 563: 557: 534: 526: 436: 429: 425: 422: 416: 393: 385: 303:balance payments 260: 253: 246: 212:Bureau de change 145:Currency forward 114:Futures exchange 35:Foreign exchange 32: 31: 21: 2738: 2737: 2733: 2732: 2731: 2729: 2728: 2727: 2693: 2692: 2691: 2686: 2658: 2604:Pharmaceuticals 2476: 2445: 2424: 2398: 2372: 2332: 2328:Dedollarisation 2275: 2261:Trade agreement 2251:Free-trade zone 2192: 2190: 2183: 2124:Current account 2114:Capital account 2087: 2082: 2047: 2025: 1972:Wayback Machine 1934: 1925: 1914: 1908: 1905: 1886: 1877:This article's 1873: 1869: 1862: 1857: 1856: 1846: 1844: 1831: 1830: 1826: 1816: 1814: 1810: 1799: 1795: 1794: 1790: 1780: 1778: 1771:Financial Times 1763: 1759: 1743: 1742: 1735: 1733: 1729: 1722: 1720:"Archived copy" 1718: 1717: 1710: 1700: 1698: 1691: 1687: 1686: 1682: 1669: 1663: 1659: 1646: 1640: 1636: 1626: 1624: 1620: 1609: 1605: 1604: 1600: 1591: 1587: 1578: 1574: 1564: 1562: 1558: 1547: 1543: 1542: 1538: 1532: 1529:Wayback Machine 1520: 1516: 1506: 1504: 1495: 1494: 1490: 1481: 1477: 1460: 1459: 1452: 1450: 1446: 1439: 1437:"Archived copy" 1435: 1434: 1430: 1421: 1414: 1404: 1402: 1393: 1392: 1388: 1378: 1376: 1372: 1366:uni-muenchen.de 1361: 1357: 1356: 1352: 1344: 1340: 1330: 1328: 1324: 1313: 1309: 1308: 1304: 1294: 1292: 1283: 1282: 1278: 1268: 1266: 1261: 1260: 1256: 1251: 1203: 1198: 1196: 1193: 1188: 1182: 1126: 1110:competitiveness 1062: 1042:Bank of England 1002:Austria-Hungary 998: 993: 981:Eurozone crisis 949: 933: 900:economic growth 863: 837: 821: 809:Federal Reserve 800: 777: 772: 751: 710:currency crisis 671:Milton Friedman 623:monetary policy 578: 567: 561: 558: 547: 535: 516: 484:debt securities 472:capital account 437: 426: 420: 417: 406: 394: 363: 264: 140:Currency future 28: 23: 22: 15: 12: 11: 5: 2736: 2726: 2725: 2720: 2715: 2710: 2705: 2688: 2687: 2685: 2684: 2674: 2663: 2660: 2659: 2657: 2656: 2651: 2646: 2641: 2636: 2631: 2626: 2621: 2616: 2611: 2606: 2601: 2596: 2591: 2586: 2581: 2576: 2571: 2566: 2561: 2556: 2551: 2546: 2541: 2536: 2531: 2526: 2521: 2516: 2511: 2506: 2501: 2499:Aircraft parts 2496: 2490: 2488: 2482: 2481: 2478: 2477: 2475: 2474: 2469: 2464: 2459: 2453: 2451: 2447: 2446: 2444: 2443: 2438: 2432: 2430: 2426: 2425: 2423: 2422: 2417: 2412: 2406: 2404: 2400: 2399: 2397: 2396: 2391: 2386: 2380: 2378: 2374: 2373: 2371: 2370: 2365: 2360: 2355: 2349: 2347: 2340: 2334: 2333: 2331: 2330: 2325: 2311: 2306: 2285: 2283: 2277: 2276: 2274: 2273: 2268: 2263: 2258: 2253: 2248: 2243: 2238: 2233: 2228: 2223: 2222: 2221: 2211: 2206: 2201: 2195: 2193: 2188: 2185: 2184: 2182: 2181: 2179:Trading nation 2176: 2171: 2166: 2161: 2156: 2151: 2146: 2141: 2136: 2131: 2126: 2121: 2116: 2111: 2106: 2101: 2095: 2093: 2089: 2088: 2081: 2080: 2073: 2066: 2058: 2052: 2051: 2046: 2043: 2042: 2041: 2036: 2031: 2024: 2021: 2020: 2019: 2014: 2009: 2004: 1999: 1994: 1989: 1984: 1979: 1974: 1962: 1949: 1933: 1930: 1927: 1926: 1909:September 2016 1881:external links 1876: 1874: 1867: 1861: 1860:External links 1858: 1855: 1854: 1824: 1788: 1757: 1708: 1680: 1657: 1634: 1598: 1585: 1572: 1536: 1514: 1488: 1475: 1428: 1412: 1386: 1350: 1338: 1302: 1276: 1253: 1252: 1250: 1247: 1246: 1245: 1240: 1235: 1230: 1225: 1220: 1215: 1209: 1208: 1192: 1189: 1184:Main article: 1181: 1178: 1125: 1122: 1061: 1058: 1046:Bank of France 997: 994: 992: 989: 953:exchange rates 948: 945: 932: 929: 904:private sector 875:European Union 862: 859: 836: 833: 820: 819:External trade 817: 799: 796: 776: 773: 771: 768: 750: 747: 687:'dirty floats' 611: 610: 609: 608: 605: 602: 599: 593: 580: 579: 538: 536: 529: 515: 512: 468:reserve assets 449:treasury bills 439: 438: 397: 395: 388: 362: 359: 338:treasury bills 275:forex reserves 266: 265: 263: 262: 255: 248: 240: 237: 236: 235: 234: 229: 224: 219: 214: 206: 205: 201: 200: 199: 198: 193: 188: 183: 175: 174: 170: 169: 168: 167: 162: 157: 152: 147: 142: 137: 129: 128: 124: 123: 122: 121: 116: 111: 103: 102: 98: 97: 96: 95: 90: 85: 80: 75: 70: 65: 60: 55: 50: 42: 41: 40:Exchange rates 37: 36: 26: 9: 6: 4: 3: 2: 2735: 2724: 2721: 2719: 2716: 2714: 2711: 2709: 2706: 2704: 2701: 2700: 2698: 2683: 2675: 2673: 2665: 2664: 2661: 2655: 2652: 2650: 2647: 2645: 2642: 2640: 2637: 2635: 2632: 2630: 2627: 2625: 2622: 2620: 2617: 2615: 2612: 2610: 2609:Photovoltaics 2607: 2605: 2602: 2600: 2597: 2595: 2592: 2590: 2587: 2585: 2582: 2580: 2577: 2575: 2572: 2570: 2567: 2565: 2562: 2560: 2557: 2555: 2552: 2550: 2547: 2545: 2542: 2540: 2537: 2535: 2532: 2530: 2527: 2525: 2522: 2520: 2517: 2515: 2512: 2510: 2507: 2505: 2502: 2500: 2497: 2495: 2492: 2491: 2489: 2487: 2483: 2473: 2470: 2468: 2465: 2463: 2460: 2458: 2455: 2454: 2452: 2448: 2442: 2439: 2437: 2434: 2433: 2431: 2427: 2421: 2418: 2416: 2413: 2411: 2408: 2407: 2405: 2401: 2395: 2392: 2390: 2387: 2385: 2382: 2381: 2379: 2375: 2369: 2366: 2364: 2361: 2359: 2356: 2354: 2351: 2350: 2348: 2344: 2341: 2339: 2335: 2329: 2326: 2323: 2319: 2315: 2314:Protectionism 2312: 2310: 2307: 2304: 2300: 2299: 2294: 2290: 2287: 2286: 2284: 2282: 2278: 2272: 2269: 2267: 2266:Trade barrier 2264: 2262: 2259: 2257: 2254: 2252: 2249: 2247: 2244: 2242: 2239: 2237: 2234: 2232: 2229: 2227: 2224: 2220: 2217: 2216: 2215: 2212: 2210: 2207: 2205: 2202: 2200: 2197: 2196: 2194: 2189:Organizations 2186: 2180: 2177: 2175: 2172: 2170: 2169:Trade justice 2167: 2165: 2162: 2160: 2157: 2155: 2152: 2150: 2147: 2145: 2144:Globalization 2142: 2140: 2137: 2135: 2132: 2130: 2127: 2125: 2122: 2120: 2117: 2115: 2112: 2110: 2107: 2105: 2102: 2100: 2097: 2096: 2094: 2090: 2086: 2079: 2074: 2072: 2067: 2065: 2060: 2059: 2056: 2049: 2048: 2040: 2037: 2035: 2032: 2030: 2027: 2026: 2018: 2015: 2013: 2010: 2008: 2005: 2003: 2000: 1998: 1995: 1993: 1990: 1988: 1985: 1983: 1980: 1978: 1975: 1973: 1969: 1966: 1963: 1960: 1956: 1955: 1950: 1948: 1945: 1942: 1939: 1936: 1935: 1923: 1920: 1912: 1902: 1898: 1897:inappropriate 1894: 1890: 1884: 1882: 1875: 1866: 1865: 1842: 1838: 1834: 1828: 1809: 1805: 1798: 1792: 1776: 1772: 1768: 1761: 1753: 1747: 1728: 1721: 1715: 1713: 1697: 1690: 1684: 1678: 1674: 1667: 1661: 1655: 1651: 1644: 1638: 1619: 1615: 1608: 1602: 1595: 1589: 1582: 1576: 1557: 1553: 1546: 1540: 1531:. Voxeu.org. 1530: 1526: 1523: 1518: 1502: 1498: 1492: 1485: 1479: 1470: 1464: 1445: 1438: 1432: 1425: 1419: 1417: 1400: 1396: 1390: 1371: 1367: 1360: 1354: 1347: 1342: 1323: 1319: 1312: 1306: 1290: 1286: 1280: 1264: 1258: 1254: 1244: 1241: 1239: 1236: 1234: 1231: 1229: 1226: 1224: 1221: 1219: 1216: 1214: 1211: 1210: 1206: 1195: 1187: 1177: 1174: 1172: 1168: 1164: 1160: 1156: 1152: 1148: 1144: 1139: 1137: 1132: 1121: 1119: 1115: 1111: 1107: 1103: 1098: 1096: 1092: 1087: 1083: 1082:US Treasuries 1079: 1075: 1071: 1067: 1057: 1055: 1051: 1050:Louvre Accord 1047: 1043: 1039: 1038:Baring crisis 1033: 1029: 1027: 1026:Sweden-Norway 1023: 1022:German Empire 1019: 1015: 1011: 1007: 1003: 988: 986: 982: 978: 974: 969: 965: 963: 958: 954: 944: 942: 938: 937:domestic debt 928: 925: 921: 917: 913: 912:human capital 909: 908:externalities 905: 901: 897: 893: 889: 884: 880: 876: 872: 868: 858: 855: 850: 846: 842: 832: 830: 829:globalization 826: 816: 814: 813:currency swap 810: 805: 795: 793: 789: 785: 784:external debt 781: 767: 765: 761: 756: 746: 744: 740: 736: 730: 728: 723: 719: 715: 711: 706: 704: 699: 694: 692: 688: 683: 681: 677: 672: 668: 663: 658: 656: 655:base currency 651: 647: 642: 640: 636: 632: 628: 627:exchange rate 624: 620: 616: 615:fiat currency 606: 603: 600: 597: 596: 594: 591: 590: 589: 587: 576: 573: 565: 555: 551: 545: 544: 539:This section 537: 533: 528: 527: 520: 511: 509: 508:Balance sheet 505: 501: 497: 493: 489: 485: 481: 477: 473: 469: 464: 462: 458: 454: 453:gold reserves 450: 446: 435: 432: 424: 414: 410: 404: 403: 398:This section 396: 392: 387: 386: 379: 372: 367: 358: 356: 350: 347: 343: 339: 335: 331: 327: 326:bank deposits 323: 318: 316: 312: 308: 304: 300: 296: 292: 288: 284: 280: 276: 273:(also called 272: 261: 256: 254: 249: 247: 242: 241: 239: 238: 233: 230: 228: 225: 223: 222:Currency pair 220: 218: 217:Hard currency 215: 213: 210: 209: 208: 207: 203: 202: 197: 196:Louvre Accord 194: 192: 189: 187: 184: 182: 179: 178: 177: 176: 172: 171: 166: 163: 161: 160:Currency swap 158: 156: 153: 151: 148: 146: 143: 141: 138: 136: 133: 132: 131: 130: 126: 125: 120: 117: 115: 112: 110: 107: 106: 105: 104: 100: 99: 94: 91: 89: 86: 84: 81: 79: 76: 74: 71: 69: 68:Dollarization 66: 64: 61: 59: 56: 54: 53:Exchange rate 51: 49: 48:Currency band 46: 45: 44: 43: 39: 38: 34: 33: 30: 19: 2584:Live animals 2564:Gas turbines 2377:Asia-Pacific 2309:Mercantilism 2296: 2191:and policies 2138: 1952: 1915: 1906: 1891:by removing 1878: 1845:. Retrieved 1836: 1827: 1815:. Retrieved 1803: 1791: 1779:. Retrieved 1770: 1760: 1734:. Retrieved 1699:. Retrieved 1695: 1683: 1664:S Shamah - 1660: 1637: 1625:. Retrieved 1613: 1601: 1593: 1588: 1580: 1575: 1563:. Retrieved 1551: 1539: 1517: 1505:. Retrieved 1491: 1483: 1478: 1451:. Retrieved 1431: 1423: 1403:. Retrieved 1389: 1377:. Retrieved 1365: 1353: 1341: 1329:. Retrieved 1317: 1305: 1293:. Retrieved 1279: 1267:. Retrieved 1257: 1205:Money portal 1175: 1140: 1127: 1114:currency war 1099: 1086:Soviet Union 1074:Plaza Accord 1063: 1054:Plaza Accord 1034: 1030: 999: 970: 966: 950: 934: 924:rent-seeking 888:mercantilism 864: 838: 822: 801: 778: 752: 731: 727:productivity 707: 695: 684: 659: 643: 612: 585: 583: 568: 559: 548:Please help 543:verification 540: 480:gold bullion 465: 459:(SDRs), and 442: 427: 418: 407:Please help 402:verification 399: 351: 319: 295:central bank 278: 274: 270: 269: 191:Plaza Accord 29: 2589:Natural gas 2554:Electronics 2549:Electricity 2159:Outsourcing 2092:Terminology 1736:10 February 1453:15 February 1131:correlation 1091:crowded out 985:Swiss franc 811:instituted 788:broad money 780:Credit risk 722:public debt 714:devaluation 496:derivatives 279:FX reserves 2697:Categories 2629:Telephones 2293:Adam Smith 2289:Free trade 2271:Trade bloc 2246:ATA Carnet 2134:Fair trade 1944:Document 2 1677:1119994896 1654:0262532603 1285:"IMF Data" 1249:References 957:fiat money 792:peer group 739:volatility 691:sterilized 562:March 2016 498:, such as 361:Definition 293:held by a 2524:Computers 2509:Car parts 2504:Aluminium 2241:Incoterms 2174:Trade war 1893:excessive 1151:Singapore 1070:hot money 916:subsidies 698:inflation 445:banknotes 421:July 2014 322:banknotes 297:or other 2672:Category 2644:Vehicles 2634:Textiles 2579:Iron ore 2544:Diamonds 2368:Mercosur 2346:Americas 2023:Speeches 1968:Archived 1947:Appendix 1932:Articles 1841:Archived 1817:16 March 1808:Archived 1781:16 March 1775:Archived 1746:cite web 1727:Archived 1701:16 March 1696:cato.org 1627:16 March 1618:Archived 1565:16 March 1556:Archived 1525:Archived 1501:Archived 1463:cite web 1444:Archived 1399:Archived 1379:16 March 1370:Archived 1331:16 March 1322:Archived 1289:Archived 1191:See also 1052:and the 962:interest 892:tradable 770:Theories 703:tradable 669:regime. 631:trilemma 204:See also 135:Currency 2682:Commons 2559:Engines 2322:Autarky 1887:Please 1879:use of 1847:11 June 1804:imf.org 1583:, 2012. 1552:imf.org 1507:11 June 1405:11 June 1318:imf.org 1295:11 June 1269:28 June 1014:Denmark 1006:Belgium 991:History 920:tariffs 883:China's 804:savings 705:goods. 514:Purpose 504:options 474:of the 470:in the 373:in 2006 101:Markets 2639:Trucks 2599:Petrol 2539:Cotton 2529:Copper 2519:Coffee 2164:Tariff 1675: 1652: 1614:snb.ch 1218:Endaka 1147:Norway 983:, the 650:demand 646:supply 492:stocks 344:, and 328:, and 291:silver 281:) are 127:Assets 2649:Wheat 2619:Steel 2614:Ships 2045:Books 1811:(PDF) 1800:(PDF) 1730:(PDF) 1723:(PDF) 1692:(PDF) 1621:(PDF) 1610:(PDF) 1559:(PDF) 1548:(PDF) 1447:(PDF) 1440:(PDF) 1373:(PDF) 1362:(PDF) 1325:(PDF) 1314:(PDF) 947:Costs 680:wages 676:goods 488:loans 334:bonds 2654:Wine 2569:Gold 2534:Corn 2514:Coal 1849:2015 1819:2018 1783:2018 1752:link 1738:2016 1703:2018 1673:ISBN 1650:ISBN 1629:2018 1567:2018 1509:2015 1469:link 1455:2013 1407:2015 1381:2018 1333:2018 1297:2015 1271:2019 1153:and 1024:and 918:and 847:and 678:and 648:and 619:IOUs 502:and 371:gold 342:gold 336:and 315:euro 289:and 287:gold 283:cash 2594:Oil 1895:or 1171:GIC 1078:yen 712:or 633:or 617:as 552:by 411:by 277:or 2699:: 2320:, 2301:, 2295:, 1839:. 1835:. 1806:. 1802:. 1773:. 1769:. 1748:}} 1744:{{ 1725:. 1711:^ 1694:. 1616:. 1612:. 1554:. 1550:. 1499:. 1465:}} 1461:{{ 1442:. 1415:^ 1397:. 1368:. 1364:. 1320:. 1316:. 1287:. 1149:, 1097:. 1028:. 1020:, 1016:, 1012:, 1008:, 1004:, 794:. 764:M2 490:, 486:, 455:, 324:, 317:. 2324:) 2316:( 2305:) 2291:( 2077:e 2070:t 2063:v 1951:" 1922:) 1916:( 1911:) 1907:( 1903:. 1885:. 1851:. 1821:. 1785:. 1754:) 1740:. 1705:. 1631:. 1596:. 1569:. 1511:. 1471:) 1457:. 1409:. 1383:. 1335:. 1299:. 1273:. 575:) 569:( 564:) 560:( 546:. 434:) 428:( 423:) 419:( 405:. 259:e 252:t 245:v 20:)

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.

Index