00835nam a2200121Ia 4500 20260716043601.0 Williams, Oral Reserve pooling in the Eastern Caribbean Currency Union and the CFA Franc Zone : a comparative analysis 2005 Explores the gains from pooling of reserves in the ECCU and CFA. Measures the level of reserves members of these monetary unions would have to hold in an independent state relative to pooling reserves. Examines the role of institutional arrangements in reserve management. Measures also, the impact of unanticipated changes in the terms of trade on reserves. Examines the optimal level and variability of reserve pooling, gains from non-pooling and the choice between reserve accumulation and capital formation. 6/7/05 JOYD A 50247 50247