In terms of international standards, the level of the foreign reserves is still relatively low, but at least much more comfortable than at the end of March 1994, when the gross foreign reserves of the country amounted to only R10.3 billion (US $ billion).
In their paper “Structural Estimation of Systemic Risk: Measuring Contagion in the Sub-Prime Crisis”, Rigobon and his co-authors have developed a measure of international contagion which allows us to assess the role of systemic risk for the global economy. 4.