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This work presents a model of a two-period economy to discuss the link between the precautionary motivation for holding international reserves and the country's monetary policy concerns due to a crisis.

There are two possible states of nature in the second period of the economy: a normal state and a crisis state. These states of nature represent uncertainty to the policy maker and he can insure against a crisis. The household has a constant-elasticity-of-substitution (CES) utility function, where utility depends on consumption and money.

By allowing money in the utility function and in the household financial constraint and considering that the objective of the central bank is to smooth inflation, it is concluded that monetary policy plays a role in the precautionary motivation of holding international reserves.

The model can be used to calculate optimal reserves holdings in its complete or even in its simplified version. Furthermore, it is possible to evaluate the impact of the intra-temporal substitution elasticity between consumption and real money in the decision of accumulating international reserves.

Higher intra-temporal substitution elasticities implies in more insurance via international reserves, and this discussion is not found in the existent literature on international reserves.

The purpose of this paper is to appraise and evaluate empirical research on circular economy in food systems, consolidating the existing knowledge and identifying shortcomings in this emerging body of research.

The authors conducted a systematic literature review of 136 studies from the electronic databases Scopus and Web of Science. The authors also developed a thematic analysis and summarized the results in a framework.

The authors identified seven critical issues for the transition to circular food systems: consumer behavior, multistakeholder coordination, business models, digital technologies, barriers, transition processes and performance and measurement systems. Moreover, the authors provide an agenda for future research on these topics.

While reviews on the circular economy are spreading rapidly, no reviews have comprehensively addressed the critical issues for the transition to circular food systems in the business, management, and organization domains.