Before recounting one or two personal reminiscences, it is appropriate to say something about his life. Many fascinating details of it are revealed in the interview with John Lodewijks, and the eulogy by Tony Aspromourgos, both fittingly published in the Economic Record.1 Warren Pat Hogan was born in Papakura, just south of Auckland, New Zealand, in 1929.
the sovereign spread – which assumes reserves are financed by foreign borrowing) times the change in reserves. Research suggests (Moreno and Turner (2004), that higher foreign reserves can reduce sovereign spreads as well as improve credit ratings. Thus the cost of holding reserves can be narrowed as reserve holdings rise.