Washington: Board of Governors of the Federal Reserve System, June; revised July 2014. Guerrieri, Veronica, and Guido Lorenzoni (2015). “Credit Crises, Precautionary Savings, and the Liquidity Trap (PDF),” unpublished paper, University of Chicago, January. Johnson, Kathleen W., Karen M. Pence, and Daniel J. Vine (2014). “Auto Sales and Credit Suppl (PDF),” Finance and Economics Discussion Series 2014–82.
In some cases, such as China, movements in international reserves are largely a by-product of the country’s exchange rate regime and associated trade and capital flows.