The Currency Composition Of Foreign Exchange Reserves

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The Currency Composition of Foreign Exchange Reserves

Author : Barry J. Eichengreen,Donald J. Mathieson
Publisher : Unknown
Page : 52 pages
File Size : 51,8 Mb
Release : 2000
Category : Bank reserves
ISBN : STANFORD:36105112847780

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The Currency Composition of Foreign Exchange Reserves by Barry J. Eichengreen,Donald J. Mathieson Pdf

Currency Composition and Foreign Exchange Reserves

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 49 pages
File Size : 54,7 Mb
Release : 1988-07-12
Category : Business & Economics
ISBN : 9781451964844

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Currency Composition and Foreign Exchange Reserves by International Monetary Fund Pdf

This study examines the determinants of the currency composition of foreign exchange reserves for both industrial and developing countries. During the period from 1976-85, our empirical results indicate that the currency composition of reserves has been influenced by each country’s exchange rate arrangements, its trade flows with reserve currency countries, and the currency of denomination of its debt-service payments. The evidence is consistent with the view that managing the currency composition of a country’s net foreign asset position is done more cheaply by altering the currency of denomination of assets and liabilities that are not held as reserve assets.

Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB

Author : MissYinqiu Lu,Yilin Wang
Publisher : International Monetary Fund
Page : 44 pages
File Size : 47,8 Mb
Release : 2019-03-08
Category : Business & Economics
ISBN : 9781498302562

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Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB by MissYinqiu Lu,Yilin Wang Pdf

The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches—liquidity tranche and investment tranche—especially for those with adequate reserves. Incorporating reserve tranching, we have developed in this paper a central bank’s reserve portfolio choice model to analyze the determinants of the currency composition of reserves. In particular, we adopt the classical mean-variance framework for the investment tranche and the asset-liability framework for the liquidity tranche. Building on these frameworks, the roles of currency compositions in imports invoicing and short-term external debt, and risk and returns of reserve currencies can be quantified by our structural model—a key contribution of our paper given the absence of structural models in the literature. Finally, we estimate the potential paths of the share of RMB in reserves under different scenarios to shed light on its status as an international currency.

The Management of Foreign Exchange Reserves

Author : Scott Roger
Publisher : Unknown
Page : 116 pages
File Size : 46,9 Mb
Release : 1993
Category : Foreign exchange
ISBN : STANFORD:36105008927985

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The Management of Foreign Exchange Reserves by Scott Roger Pdf

The Euro's Challenge to the Dollar: Different Views from Economists and Evidence from COFER (Currency Composition of Foreign Exchange Reserves) and Other Data

Author : Ewe-Ghee Lim
Publisher : INTERNATIONAL MONETARY FUND
Page : 40 pages
File Size : 45,6 Mb
Release : 2006-06-01
Category : Electronic
ISBN : 1451864132

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The Euro's Challenge to the Dollar: Different Views from Economists and Evidence from COFER (Currency Composition of Foreign Exchange Reserves) and Other Data by Ewe-Ghee Lim Pdf

This paper examines opposing views on the euro's challenge to the dollar as an international currency. One view emphasizes Europe's large economy and diversification effects as undergirding a vigorous challenge. The other emphasizes "network externalities," particularly undergirding continued dollar dominance. The data to date support the second view but also show the euro has significantly overtaken the legacy currencies as a reserve currency. Generally, large economic size alone is insufficient to challenge the network externalities supporting vehicle currencies, but scope exists for the euro to advance as an international store of value. The paper discusses the euro's medium-term prospects.

International Reserves and Foreign Currency Liquidity

Author : International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
Page : 258 pages
File Size : 40,7 Mb
Release : 2015-01-07
Category : Business & Economics
ISBN : 9781484350164

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International Reserves and Foreign Currency Liquidity by International Monetary Fund. Statistics Dept. Pdf

This update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.

Currency Diversification of Reserves and Sovereign Debt for Small Open Economies

Author : Indi Rajasingham
Publisher : International Monetary Fund
Page : 48 pages
File Size : 42,5 Mb
Release : 1991-11-01
Category : Business & Economics
ISBN : 9781451946086

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Currency Diversification of Reserves and Sovereign Debt for Small Open Economies by Indi Rajasingham Pdf

An approach for minimizing risk through diversification of foreign exchange reserves and sovereign borrowings is proposed for central banks of small open economies. This approach--developed in a simple 2-period, 3-country framework--differs from past work in that the elements of exchange and price risk associated with trade and payments are considered in the portfolio allocation problem. The analysis shows that the net level of reserves and the primary transactions balance affect the optimal portfolio leading to deviations from the optimal allocation prescribed by the classical portfolio model. In addition, this result has implications for the currency composition of exchange market intervention transactions.

International Reserves and Foreign Currency Liquidity

Author : Anne Y. Kester
Publisher : International Monetary Fund
Page : 86 pages
File Size : 43,6 Mb
Release : 2001-10-23
Category : Business & Economics
ISBN : UCSD:31822031385131

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International Reserves and Foreign Currency Liquidity by Anne Y. Kester Pdf

International financial crises in the late 1990s revealed that deficiencies in countrieѕђة́ international reserves and related information made it difficult to anticipate and respond to crises by obscuring financial weaknesses and imbalances. This volume sets forth an innovative framework to assess countrieѕђة́ international reserves and foreign currency liquidity. The framework takes account of official balance sheet and off-balance-sheet financial activities, future and potential demand for foreign exchange to meet official obligations, the availability of official foreign currency assets to meet such demand, and official risk exposure to exchange rate fluctuations. This work clarifies what international reserves are, and how international reserves and related information should be strengthened to promote informed decision making in the public and private sectors, thereby helping improve the functioning of global financial markets.

The Optimal Currency Composition of Foreign Reserves

Author : Thórarinn G. Pétursson
Publisher : Unknown
Page : 40 pages
File Size : 40,5 Mb
Release : 1995
Category : Bank reserves
ISBN : IND:30000112439322

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The Optimal Currency Composition of Foreign Reserves by Thórarinn G. Pétursson Pdf

Factors Influencing Emerging Market Central Banks’ Decision to Intervene in Foreign Exchange Markets

Author : Mr.Matthew S Malloy
Publisher : International Monetary Fund
Page : 28 pages
File Size : 45,5 Mb
Release : 2013-03-15
Category : Business & Economics
ISBN : 9781475557312

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Factors Influencing Emerging Market Central Banks’ Decision to Intervene in Foreign Exchange Markets by Mr.Matthew S Malloy Pdf

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.

Guidelines for Foreign Exchange Reserve Management

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 216 pages
File Size : 44,9 Mb
Release : 2005-04-15
Category : Business & Economics
ISBN : STANFORD:36105121583004

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Guidelines for Foreign Exchange Reserve Management by International Monetary Fund Pdf

Of country practices -- Country case studies -- Appendixes.

Guidelines for Foreign Exchange Reserve Management

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 34 pages
File Size : 42,7 Mb
Release : 2004-08-16
Category : Business & Economics
ISBN : 1589062604

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Guidelines for Foreign Exchange Reserve Management by International Monetary Fund Pdf

These guidelines are intended to assist countries in strengthening their policy frameworks for reserve management so that they can become more resilient to shocks that may originate from global financial markets or within the domestic financial system. The guidelines have been developed as part of a broader IMF work program to help strengthen international financial architecture, to promote policies and practices that contribute to stability and transparency in the financial sector, and to reduce external vulnerabilities of member countries.

International Reserve Currencies

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 18 pages
File Size : 53,8 Mb
Release : 1989-01-01
Category : Business & Economics
ISBN : 9781451923520

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International Reserve Currencies by International Monetary Fund Pdf

We study the composition of central bank holdings of foreign reserves when the level of currency riskiness is endogenously determined by economic structure and policymaker preferences in reserve issuing countries. Examination of the behavior of official foreign reserves of the industrial and developing country groups in the period 1977-1984 offers support to the notion that central banks employ mean-variance criteria in selecting international reserves.

The Stealth Erosion of Dollar Dominance: Active Diversifiers and the Rise of Nontraditional Reserve Currencies

Author : Mr. Serkan Arslanalp,Mr. Barry J. Eichengreen,Chima Simpson-Bell
Publisher : International Monetary Fund
Page : 42 pages
File Size : 46,5 Mb
Release : 2022-03-24
Category : Business & Economics
ISBN : 9798400204746

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The Stealth Erosion of Dollar Dominance: Active Diversifiers and the Rise of Nontraditional Reserve Currencies by Mr. Serkan Arslanalp,Mr. Barry J. Eichengreen,Chima Simpson-Bell Pdf

We document a decline in the dollar share of international reserves since the turn of the century. This decline reflects active portfolio diversification by central bank reserve managers; it is not a byproduct of changes in exchange rates and interest rates, of reserve accumulation by a small handful of central banks with large and distinctive balance sheets, or of changes in coverage of surveys of reserve composition. Strikingly, the decline in the dollar’s share has not been accompanied by an increase in the shares of the pound sterling, yen and euro, other long-standing reserve currencies and units that, along with the dollar, have historically comprised the IMF’s Special Drawing Rights. Rather, the shift out of dollars has been in two directions: a quarter into the Chinese renminbi, and three quarters into the currencies of smaller countries that have played a more limited role as reserve currencies. A characterization of the evolution of the international reserve system in the last 20 years is thus as ongoing movement away from the dollar, a recent if still modest rise in the role of the renminbi, and changes in market liquidity, relative returns and reserve management enhancing the attractions of nontraditional reserve currencies. These observations provide hints of how the international system may evolve going forward.

Central Bank Reserve Management

Author : Age Bakker,Ingmar R. Y. van Herpt
Publisher : Edward Elgar Publishing
Page : 271 pages
File Size : 55,9 Mb
Release : 2007-01-01
Category : Business & Economics
ISBN : 9781782541677

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Central Bank Reserve Management by Age Bakker,Ingmar R. Y. van Herpt Pdf

This book addresses the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial system. The tremendous growth of central bank reserves has led to an increased focus on raising returns in addition to the traditional preference central banks have for maintaining liquid portfolios. Issues such as asset and currency diversification, the impact of new accounting rules and the profit distribution agreements with the government are analysed, adding new insights to the current debate on the optimal size of central bank reserves. This book brings together a wide range of experts from central banks, investment banks and the academic community.