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In the Case Study on international reserves (pp. 225–229), we asserted that except in the case...

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Economics

In the Case Study on international reserves (pp. 225–229), we asserted that except in the case of a reserve currency system, an attempt by all central banks simultaneously to raise their international reserve holdings through open-market sales of domestic assets could have a contractionary effect on the world economy. Explain by contrasting the cases of a gold standard–type system and a reserve currency system.

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