The Geneva Reports on the World Economy series was launched by the International Center for Monetary and Banking Studies (ICMB) and CEPR in 1999. Each title focuses on an aspect of the reform of the international financial and economic systems and is written by a team of internationally-known macroeconomists. The authors of the seventh title in the series provide answers to the following questions: Is reserve accumulation in Asia excessive and unwise? What is the fiscal cost of holding these reserves? Is it prudent to hold reserves in dollars? Is there only room for one global reserve system? What are the right currency arrangements for China?
