Une recherche récente de Jamel Saadaoui, citée par l’hebdomadaire britannique The Economist.
A recent paper by Rashad Ahmed of America’s Office of the Comptroller of the Currency and co-authors suggests that big reserve accumulators may, in fact, have reason to rebuild. Countries that entered 2021 with larger reserves and greater credibility in their capacity to intervene saw smaller depreciations in their currencies, all else equal. The authors calculate that additional reserves worth ten percentage points of national GDP were associated with 1.5% to 2% less depreciation in the domestic currency, relative to the dollar.
