1. Archer D. 1998. Rationale for Holding Foreign Currency Reserves // Reserves Bank of New Zealand Bulletin. Vol. 61, No. 4. Pp. 347-351.
2. Encyclopaedia.  Vector  Autoregression  -  http://www.encyclopedia.com/social-sciences/applied-and-social-sciencesmagazines/vector-autoregression  (accessed 11.09.2017)
3. European  Commission.  Convergence  criteria  for  joining  the  EC  -  https://ec.europa.eu/info/business-economyeuro/euro-area/enlargement-euro-area/convergence-criteria-joining_en  (accessed 15.09.2017)
4. Fukuda S. Macroeconomic Impact of Foreign Exchange Reserves Accumulation. A Theory and Some International Evidence - http://faculty.washington.edu/karyiu/confer/busan07/papers/fukuda-kon.pdf  (accessed 23.04.2013) 
5. Grabel I. 2003. Averting crisis? Assessing measures to manage financial integration in Emerging Economies // Cambridge Journal of Economics. Vol. 27, № 3. Pp. 317- 336.
6. Ho C. & McCauley R. 2009. The domestic financial consequences of reserve accumulation: Some evidence from Asia // Exchange Rate, Monetary and Financial Issues and Policies in Asia (Rajan R., Thangavelu S., Pariduri R.A. (Eds). Singapore: World Scientific. Pp. 117-153.
7. Hviding K. 2004. Can higher reserves help reduce exchange rate volatility? // IMF Working Paper WP/04/189 - http://www.imf.org/external/pubs/ft/wp/2004/wp04189.pdf  (accessed 08.10.2016)
8. Ibrahim W. 2001. External reserves holdings in Nigeria: Implications for investment, inflation and exchange rate // Journal of Public Administration and Policy Research. Vol. 3(4). Pp. 106-112.
9. Khan M.T. 2013. Exchange Rate as a Determinant of Fluctuation in Foreign Exchange Reserves: Evidence from Economy of Pakistan // Academic Research International. № 4. Pp. 459-471.
10. Mei-yin L. 2005. Foreign Exchange Reserves and Inflation: An Empirical Study of five East Asia Economies. Taiwan: Aletheia University, Taiwan and National Chengchi University. Pp. 1-18.
11. The concept and factors of the investment climate -  http://newinspire.ru/lectures-on-the-global-economy/theconcept-and-factors-of-the-investment-climate-1930  (accessed 20.08.2017) 
12. The World Economic Forum’s Global Competitiveness Report 2006-2007. «There is overwhelming evidence that in the absence  of  …  macroeconomic  stability,  growth  will  be  anaemic  …  or,  at  best,  volatile»  -  http://reut-institute.org/Publication.aspx?PublicationId=1299  (accessed 20.10.2017)
13. Ocampo J.A. 2007. The instability and inequities of the Global Reserve System // DESA Working Paper, 59 - http://www.un.org/esa/desa/papers/2007/wp59_2007.pdf  (accessed 25.03.2017) 
14. Osuji C. 2012. Analysis of effect of external reserves management on macroeconomic stability of Nigeria // International Journal of Business. Management and Economic Research. № 3(6). Pp. 646-654.
15. Pina G. 2011. The Recent Growth of International Reserves in Developing Economies: A Monetary Perspective. Barcelona: Universitat Pompeu Fabra.
16. Polterovich V. 2002. Accumulation of Foreign Exchange Reserves and Long Term Growth // A Paper in the Framework on the New Economic School Research Programme, Moscow, Russia. Pp. 161-195 (In English)
17. Steiner A. 2010. Central Banks’ Dilemma: Reserves Accumulation, Inflation and Financial Instability // Graduate School of Economic and Social Sciences, University of Mannheim, Germany. Pp. 1-31.
18. Terada-Hagiwara A. 2005. Foreign Exchange Reserves, Exchange Rate Regimes and Monetary Policy: Issues in Asia // ERD Working Paper. № 61. Pp. 202-205.
19. Umeora C. 2013. Foreign exchange reserves accumulation and macro-economic stability: The Nigerian experience // International Journal of Business and Management Invention. Vol. 2(9). Pp. 150-157.
20. Vector Autoregressive Models for Multivariate Time Series - file:///C:/Users/user/Downloads/varModels%20(1).pdf (I checked is working) ) (accessed 25.10.2017)
21. Wikipedia.com. The Free Encyclopedia - Global Competitiveness Report - https://en.wikipedia.org/wiki/Global_Competitiveness_Report  (accessed 25.11.2017)