MWP2 Precis 2

In their article "FINANCIAL INSTABILITY, RESERVES, AND CENTRAL BANK SWAP LINES IN THE PANIC OF 2008" (2009), authors  Maurice Obstfeld, Jay C. Shambaugh and Alan M. Taylor assert that a countries reserves and holdings influence the trade rates of emerging and advanced countries in 2008. They construct their theory by including many recent events relating them to past events. The intended audience for this piece of literature is for people who are economically interested.