The article discusses the financial reserve developments of the Russian Federation, India, and Korea as well as their central bank swap lines during the year 2008's financial panic. The authors' positive empirical model that focuses on emerging market sample that includes advanced countries is used to determine how the actual reserve holdings before the crisis compared to what the authors' model would predict if countries were underinsured or overinsured. The financial stability and reserve accumulation, currency pressure versus the reserves in the panic of 2008, and the central bank currency swaps are discussed.