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Author : Thórarinn G. Pétursson
Publisher : Unknown
Page : 40 pages
File Size : 48,6 Mb
Release : 1995
Category : Bank reserves
ISBN : IND:30000112439322
Author : Barry J. Eichengreen,Donald J. Mathieson
Publisher : Unknown
Page : 52 pages
File Size : 48,5 Mb
Release : 2000
Category : Bank reserves
ISBN : STANFORD:36105112847780
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 49 pages
File Size : 42,9 Mb
Release : 1988-07-12
Category : Business & Economics
ISBN : 9781451964844
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.
Author : MissYinqiu Lu,Yilin Wang
Publisher : International Monetary Fund
Page : 44 pages
File Size : 47,5 Mb
Release : 2019-03-08
Category : Business & Economics
ISBN : 9781498302562
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.
Author : Scott Roger
Publisher : Unknown
Page : 116 pages
File Size : 40,9 Mb
Release : 1993
Category : Foreign exchange
ISBN : STANFORD:36105008927985
Author : Stijn Claessens
Publisher : World Bank Publications
Page : 46 pages
File Size : 55,9 Mb
Release : 1988
Category : Circulacion monetaria
ISBN : 8210379456XXX
By choosing the appropriate currency composition of their external debts, developing countries can reduce the exposures associated with exchange rate, interest rate, and commodity price uncertainties.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 18 pages
File Size : 43,5 Mb
Release : 1989-01-01
Category : Business & Economics
ISBN : 9781451923520
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.
Author : Indi Rajasingham
Publisher : International Monetary Fund
Page : 48 pages
File Size : 45,7 Mb
Release : 1991-11-01
Category : Business & Economics
ISBN : 9781451946086
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.
Author : Age Bakker,Ingmar R. Y. van Herpt
Publisher : Edward Elgar Publishing
Page : 271 pages
File Size : 52,7 Mb
Release : 2007-01-01
Category : Business & Economics
ISBN : 9781782541677
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.
Author : Ewe-Ghee Lim
Publisher : Unknown
Page : 44 pages
File Size : 45,7 Mb
Release : 2006
Category : Dollar, American
ISBN : UCSD:31822034388181
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.
Author : International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
Page : 258 pages
File Size : 52,9 Mb
Release : 2015-01-07
Category : Business & Economics
ISBN : 9781484350164
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.
Author : Michael P. Leahy
Publisher : Unknown
Page : 56 pages
File Size : 43,5 Mb
Release : 1994
Category : Bank reserves
ISBN : UCSD:31822018696534
Author : European Central Bank
Publisher : Unknown
Page : 376 pages
File Size : 48,7 Mb
Release : 2004
Category : Bank reserves
ISBN : MINN:31951D02479722U
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 216 pages
File Size : 42,6 Mb
Release : 2005-04-15
Category : Business & Economics
ISBN : STANFORD:36105121583004
Of country practices -- Country case studies -- Appendixes.
Author : Anne Y. Kester
Publisher : International Monetary Fund
Page : 86 pages
File Size : 51,6 Mb
Release : 2001-10-23
Category : Business & Economics
ISBN : UCSD:31822031385131
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.
