Williams, Oral creator text 2005 monographic 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 20260716043601.0