References Chen, Joseph, Harrison Hong, and Jeremy C. Stein (2001). “Forecasting Crashes: Trading Volume, Past Returns, and Conditional Skewness in Stock Prices (PDF),” Journal of Financial Economics, vol. 61, pp. 345–81  7  Chevalier and Ellison (1999) is a classic reference.
Over time, the IRC system will also help reduce the country’s reliance on RR for sterilization purposes, shift to market based instruments, and allow the BSP in the future to bring the RR in line with regional norms. The BSP is also committed to foreign exchange (FX) reforms toward a more organized FX market that supports a flexible and market-determined exchange rate.