Azjatyckie rezerwy walutowe jako instrument polityki makroekonomicznej. Implikacje dla biznesu międzynarodowego

Asian foreign exchange reserves, accumulated since the late 90s as an expression of defensive regionalism, experienced an evolution determined by crisis imperatives and development strategy of the region. Undoubtedly, massive accumulation of liquidity has become a tool for strategic policy of Asian countries, going far beyond the agenda of financial integration project. Nearly USD 5 trillion accumulated by Asian economies in the form of foreign exchange reserves can be used, among others, for the implementation of ambitious infrastructure modernization plan, supply of investment funds and the development of loan guarantees for companies. Ironically, the policy of risk aversion in the late 90s, associated with the policy of trade surpluses and accumulation of foreign exchange reserves, has become a source of new prospects for global economic recovery.