-owned actors. Asia needs investment to improve its infrastructure and carry out technological innovation, but the book argues that …-owned actors. Asia needs investment to improve its infrastructure and carry out technological innovation, but the book argues that …

is a growing consensus that Asia's reserves now substantially exceed the levels required for precautionary purposes or … reserves in developing Asia have in fact reached excessive levels. Informal tests of reserve adequacy based on widely used … confirm the popular belief that developing Asia now has excessive foreign exchange reserves. Therefore, the short-run policy …

Sovereign wealth funds (SWFs) are emerging as developing Asia's main policy tool for handling the region's excess …-risk, high-return investments, and are subject to a wide range of downside risks. The underlying nature of Asia's reserves, which … implication is that the transformation of Asia into a major exporter of capital raises the possibility that capital outflows can …