The report discusses the peaking of FX reserves and the implications for emerging markets (EM). It highlights concerns about the adequacy of reserves in countries like Malaysia and Indonesia, and the potential impact of the Federal Reserve's balance sheet decisions on EM capital flows. The report includes data on reserve-to-M2 ratios and import cover for various countries, indicating that while some central banks are in a better position than in the 1990s, there are still concerns about reserves adequacy.
documents/vol00010-efta01458289-pdf.pdf
{"title":"Special Report: The 'Great Accumulation' Is Over: FX Reserves Have Peaked","document_date":"2015-09-01","document_type":"other","key_locations":["Malaysia","Indonesia","China","India","Brazil","Mexico","Turkey","Korea","Hong Kong","Russia"],"document_subtype":"financial report","key_organizations":["Deutsche Bank","Federal Reserve","ECB","BoJ"],"reference_numbers":["DB-SDNY-0118142","SDNY_GM_00264326","EFTA01458289"]}