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Currency Composition And Foreign Exchange Reserves
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Book Synopsis Currency Composition and Foreign Exchange Reserves by : International Monetary Fund
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.
Book Synopsis International Reserves and Foreign Currency Liquidity by : International Monetary Fund. Statistics Dept.
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.
Book Synopsis The Currency Composition of Foreign Exchange Reserves by : Barry J. Eichengreen
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:
Book Synopsis Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB by : MissYinqiu Lu
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 Publisher :International Monetary Fund ISBN 13 :9781589062603 Total Pages :34 pages Book Rating :4.0/5 (626 download)
Book Synopsis Guidelines for Foreign Exchange Reserve Management by : International Monetary Fund
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.
Book Synopsis Foreign Exchange Intervention: A Dataset of Public Data and Proxies by : Gustavo Adler
Download or read book Foreign Exchange Intervention: A Dataset of Public Data and Proxies written by Gustavo Adler and published by International Monetary Fund. This book was released on 2021-02-19 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange intervention (FXI) is a highly debated topic. Yet, comprehensive and comparable data on FXI is hard to find. This paper provides a new dataset of FXI covering a large number of countries over the period 2000-20 at monthly and quarterly frequencies. It includes publicly available data for about 40 countries and carefully constructed proxies for 122 countries. Proxies are focused on both spot and derivative transactions that alter the central bank’s foreign currency position and account for a wide range of central bank operations, including vis-à-vis residents, the first proxy to do so to our knowledge. The paper discusses the merits of the new proxy relative to coarser measures traditionally used like the change in reserves, and potential definitional differences with published data. The paper also presents stylized facts using our newly constructed FXI proxies.
Book Synopsis The Management of Foreign Exchange Reserves by : Scott Roger
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:
Book Synopsis The Currency Composition of Foreign Exchange Reserves by : Hiro Ito
Download or read book The Currency Composition of Foreign Exchange Reserves written by Hiro Ito and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Guidelines for Foreign Exchange Reserve Management by : International Monetary Fund
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 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Of country practices -- Country case studies -- Appendixes.
Book Synopsis The Currency Composition of Foreign Exchange Reserves by : Jose Saul Lizondo
Download or read book The Currency Composition of Foreign Exchange Reserves written by Jose Saul Lizondo and published by . This book was released on 2006 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.
Book Synopsis The Currency Composition of Foreign Exchange Reserves by : Michael P. Dooley
Download or read book The Currency Composition of Foreign Exchange Reserves written by Michael P. Dooley and published by . This book was released on 1988 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Currency Composition of Global Foreign Exchange Reserves by : Cem E. Payaslioglu
Download or read book Currency Composition of Global Foreign Exchange Reserves written by Cem E. Payaslioglu and published by . This book was released on 2013 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study is an empirical investigation dealing with the stylized fact about the currency composition of foreign exchange rezerves. IMF's COFER database statistics featuring aggregated data for two groupings of countries, namely advanced economies (33 countries), and Emerging and developing economies (107 countries) are used in the computations.The methodology is based on multivariate structural time series (MSTS) applied to quarterly foreign exchange reserve series involving four main currencies namely, U.S. dollar, Euro, Pound Sterling and Japanese Yen for the 1999:1-2009:4 period. Rather than using the level of these series, their shares in total allocated reserves are calculated and hence used here. Empirical findings for advanced economies group indicate that a strong but negative correlation can be detected between the trend disturbances of UsD and Euro-Pound rezerve shares while a high positive correlation exists between the latter two. Consequently, this imposes a dependence structure in the form of a common trend between rezerve shares in these currencies. The common factor dependence structure changes noticeably for emerging economies group.
Book Synopsis Currency Diversification of Reserves and Sovereign Debt for Small Open Economies by : Indi Rajasingham
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.
Book Synopsis Achieving Price, Financial and Macro-Economic Stability in South Africa by : Nombulelo Gumata
Download or read book Achieving Price, Financial and Macro-Economic Stability in South Africa written by Nombulelo Gumata and published by Springer Nature. This book was released on 2021-05-27 with total page 556 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the macro-financial effects of central bank balance sheets, macro-prudential tools, and financial regulation in South Africa. How employment can be maximised while keeping inflation low and stable is examined in relation to the structural changes required to alter the composition of South African bank balance sheets. Quantitative methods and approaches are utilised to highlight the impact of suggested policies. This book aims to outline strategies and policy interventions that can help achieve the National Development Plan in South Africa. It will be of interest to researchers and policymakers working within development economics, African economics, development finance, and financial policy.
Book Synopsis 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
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.
Book Synopsis Central Bank Reserve Management by : Age Bakker
Download or read book Central Bank Reserve Management written by Age Bakker and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Did the Structure of Trade and Foreign Debt Affect Reserve Currency Composition? by : Mariko Hatase
Download or read book Did the Structure of Trade and Foreign Debt Affect Reserve Currency Composition? written by Mariko Hatase and published by . This book was released on 2009 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Historical experience is often invoked in the modern debate on competition among reserve currencies, yet little is known about quantitative aspects or institutional features of reserve management. By drawing on newly obtained data on foreign exchange reserves, especially those broken down by currency, this paper explores the competition between the British pound sterling and the U.S. dollar for the status of leading reserve currency in Japan during the interwar period. We find that competition between these two currencies remained undecided and that their relative status alternated repeatedly. Historical materials and the results of econometric analysis suggest that the key factors explaining a choice of reserve currencies are trade volumes and the currency denomination of external debt. The latter criteria supported maintaining sterling's status as a reserve currency for the interwar period, reflecting its considerable share in debt service generated through issues that had been launched when London was the sole international market. The stability of potential reserve currencies is shown to be crucial as well. We also find evidence of institutional factors, which include taxation, foreign exchange controls, and restrictions on financial activities.--Author's abstract.
