This speech is another step in making sure that our framework is well understood. I would like to thank Wendy Chan, Eric Chouinard, Mervin Merkowsky and Maksym Padalko for their help in preparing this speech. 1 Some prominent international literature on reserve adequacy focuses on emerging-market economies that are  subject to sudden stops in capital flows.
See, for instance, O. Jeanne and R. Rancière, “The Optimal Level of Reserves for Emerging Market Countries: A New Formula and Some Applications,” The Economic Journal 121, no. 555 (2011): 905–930. 2 The role of international reserves in mitigating rollover risk has been an important focus of the literature.