International Reserves—Too Much of a Zipf's Thing

International Reserves—Too Much of a Zipf's Thing
Concentrated distribution of international reserves is puzzling. I show that the growth rates of international reserves bear only a very weak relationship to their initial stocks (scaled by GDP or in absolute terms), and that, by implication, the cross-sectional distribution of reserves conforms to Zipf's law. The law states that the size of... READ MORE...

Publication date: January 2008
ISBN 9781451868739
$18.00

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