Using panel data for 15 economies from 2001-12, I identify determinants of central bank foreign exchange intervention in emerging markets ("EMs") with flexible to moderately managed exchange rates. Similar to other studies, I. find.that central banks tend to "lean against the wind," buying/selling more foreign exchange in response to greater short-run and medium-run appreciation/depreciation pressures. The panel structure provides a framework to test whether other macroeconomic variables influence the different rates of reserve accumulation between economies. In testing other variables, I. find.evidence of both precautionary and external competitiveness motives for reserve accumulation.

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