Kazuko Shirono’s research while affiliated with International Monetary Fund and other places

... This is likely the case because members of the CMA (Lesotho, Namibia, South Africa and Swaziland) constantly set themselves targets to be met in terms of reserves accumulation, led mainly by the regional de facto Central bank, the South African. For example, smaller economies in the CMA are required to maintain foreign reserves of at least equivalent to the total amount of local currencies they issue (Wang, Masha, Shirono, & Harris, 2007). Similar to this is the requirement placed by France on French colonies in Africa to hold 50 percent of foreign reserves in the Bank of France. ...

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Determinants of demand for international reserves in the SADC region

... d) Opportunity cost: Although the studies in the literature reveal that reserve demand is negatively related to the opportunity cost of the reserve holding, it is argued that this effect is small. On the other hand, it is difficult to accurately calculate the opportunity cost of reserve holding (Flood and Marion, 2002;Dabla-Norris et al., 2011). ...

Reference:

DYNAMICS OF RESERVE HOLDING BEHAVIOR IN DEVELOPING COUNTRIES AND RE-ASSESSMENT OF THE IMF RESERVE ADEQUACY METRIC

... The historical facts also suggest that the pattern of use of stabilization policies in the region varies significantly. 3 See, for example, Park and Park (1990), Frankel (1991Frankel ( , 1993, Eichengreen (1994), Taguchi (1994), Kwan (1998), Chow and Kim (2003) and Shirono (2007), just to name a few in the long list of recent studies. 4 In the last decade ASEAN countries have increased their trade and financial relationship with China, Japan, and India. ...

Reference:

Is an Optimum Currency Area Feasible in East and South East Asia?

... On the other hand, Dabla-Norris et al. (2011) suggest that a better institutional quality contributes to lower demand for reserves (i.e., a negative relationship); because a country has sound fundamentals, the probability of an economic downturn is less likely to happen. One can also reckon that the international reserves are also smaller in countries with high institutional quality because those countries generally receive fewer capital inflows. ...

Reference:

The Nonlinear Impact of Institutional Quality on International Reserves: International Evidence

... Notable contributions focusing on Asian countries are Dutta (2000), Swofford (2008), Bayoumi and Eichengreen (1994), Kawai (2008), Shirono (2008) among others. None of them, however, specifically assess the stabilizing effects-such as making crises more predictable-of currency unification. ...

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Chinese Currency Unit and Financial Crisis: Evidence from Early Warning Systems

... The US dollar is not the appropriate reference currency. Indeed, if there is an abundant literature revealing the predominant role of the US dollar (Williamson, 2005) and the absence of a Yen Bloc (Shirono, 2009), it seems that, since the 1997-8 crisis, East Asian countries would like to be less peg to the US dollar (with some exceptions, as in China and Hong Kong), and this fact should be upgraded with the subprime crisis Park and Song, 2011). ...

Reference:

Regional integration of the East Asian stock markets: An empirical assessment

... Fourth, for the SAMU, Grandes (2003) and Debrun and Masson (2013) provide perspectives on its feasibility, Agdeyegbe, (2009) recommends against the union while the greater bulk of the literature in the strand advocates for a currency zone subject to improvements in compliant conditions in potential members states (Khamfula & Huizinga, 2004;Wang et al., 2007;Jefferis, 2007;Masson, 2008;Masson, 2008;Bangaké, 2008;Zehirun et al., 2015;Asongu et al., 2020b). ...

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An Index of African Monetary Integration (IAMI)