... reserves is more likely to run the other way: the accumulation may reflect the wish to resist the appreciation of the currency, when the authorities face strong foreign demand for domestic ... typically pledge the goods to be sold to obtain this form of finance. At the peak of the crisis, for instance, there were serious concerns that the drying-up of financing for exports was partly ... while by exchanging financial claims for goods and services, the deficit country is effectively, on net, “borrowing” from, or drawing down assets on, the rest of the world, the ultimate counterpart...