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Author : Barry J. Eichengreen
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.F/5 ( download)
Download or read book The Currency Composition of Foreign Exchange Reserves written by Barry J. Eichengreen and published by . This book was released on 2000 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451964846
Total Pages : 49 pages
Book Rating : 4.4/5 (519 download)
Download or read book Currency Composition and Foreign Exchange Reserves written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-07-12 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Publisher : International Monetary Fund
ISBN 13 : 1498302564
Total Pages : 44 pages
Book Rating : 4.4/5 (983 download)
Download or read book Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB written by MissYinqiu Lu and published by International Monetary Fund. This book was released on 2019-03-08 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484350162
Total Pages : 258 pages
Book Rating : 4.4/5 (843 download)
Download or read book International Reserves and Foreign Currency Liquidity written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2015-01-07 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Scott Roger
Publisher :
ISBN 13 :
Total Pages : 116 pages
Book Rating : 4.F/5 ( download)
Download or read book The Management of Foreign Exchange Reserves written by Scott Roger and published by . This book was released on 1993 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ewe-Ghee Lim
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451864137
Total Pages : 40 pages
Book Rating : 4.8/5 (641 download)
Download or read book The Euro's Challenge to the Dollar: Different Views from Economists and Evidence from COFER (Currency Composition of Foreign Exchange Reserves) and Other Data written by Ewe-Ghee Lim and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-06-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Anne Y. Kester
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 86 pages
Book Rating : 4.:/5 (318 download)
Download or read book International Reserves and Foreign Currency Liquidity written by Anne Y. Kester and published by International Monetary Fund. This book was released on 2001-10-23 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Indi Rajasingham
Publisher : International Monetary Fund
ISBN 13 : 1451946082
Total Pages : 48 pages
Book Rating : 4.4/5 (519 download)
Download or read book Currency Diversification of Reserves and Sovereign Debt for Small Open Economies written by Indi Rajasingham and published by International Monetary Fund. This book was released on 1991-11-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 9781589062603
Total Pages : 34 pages
Book Rating : 4.0/5 (626 download)
Download or read book Guidelines for Foreign Exchange Reserve Management written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-08-16 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Luciana Juvenal
Publisher : International Monetary Fund
ISBN 13 : 1513525379
Total Pages : 67 pages
Book Rating : 4.5/5 (135 download)
Download or read book Cross-Border Currency Exposures written by Luciana Juvenal and published by International Monetary Fund. This book was released on 2019-12-27 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a dataset on the currency composition of the international investment position for a group of 50 countries for the period 1990-2017. It improves available data based on estimates by incorporating actual data reported by statistical authorities and refining estimation methods. The paper illustrates current and new uses of these data, with particular focus on the evolution of currency exposures of cross-border positions.
Author : Thórarinn G. Pétursson
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.3/5 ( download)
Download or read book The Optimal Currency Composition of Foreign Reserves written by Thórarinn G. Pétursson and published by . This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Matthew S Malloy
Publisher : International Monetary Fund
ISBN 13 : 1475532814
Total Pages : 28 pages
Book Rating : 4.4/5 (755 download)
Download or read book Factors Influencing Emerging Market Central Banks’ Decision to Intervene in Foreign Exchange Markets written by Mr.Matthew S Malloy and published by International Monetary Fund. This book was released on 2013-03-15 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Mr. Serkan Arslanalp
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.4/5 (2 download)
Download or read book The Stealth Erosion of Dollar Dominance: Active Diversifiers and the Rise of Nontraditional Reserve Currencies written by Mr. Serkan Arslanalp and published by International Monetary Fund. This book was released on 2022-03-24 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Michael P. Leahy
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Dollar as an Official Reserve Currency Under EMU written by Michael P. Leahy and published by . This book was released on 1994 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 216 pages
Book Rating : 4.F/5 ( download)
Download or read book Guidelines for Foreign Exchange Reserve Management written by International Monetary Fund and published by International Monetary Fund. This book was released on 2005-04-15 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Of country practices -- Country case studies -- Appendixes.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 145192352X
Total Pages : 18 pages
Book Rating : 4.4/5 (519 download)
Download or read book International Reserve Currencies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-01-01 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : European Central Bank
Publisher :
ISBN 13 :
Total Pages : 376 pages
Book Rating : 4.:/5 (319 download)
Download or read book Risk Management for Central Bank Foreign Reserves written by European Central Bank and published by . This book was released on 2004 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
