Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451964846
Category : Business & Economics
Languages : en
Pages : 49
Book Description
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.
Currency Composition and Foreign Exchange Reserves
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451964846
Category : Business & Economics
Languages : en
Pages : 49
Book Description
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.
Publisher: International Monetary Fund
ISBN: 1451964846
Category : Business & Economics
Languages : en
Pages : 49
Book Description
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.
The Currency Composition of Foreign Exchange Reserves
Author: Barry J. Eichengreen
Publisher:
ISBN:
Category : Bank reserves
Languages : en
Pages : 52
Book Description
Publisher:
ISBN:
Category : Bank reserves
Languages : en
Pages : 52
Book Description
Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB
Author: MissYinqiu Lu
Publisher: International Monetary Fund
ISBN: 1498302564
Category : Business & Economics
Languages : en
Pages : 44
Book Description
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.
Publisher: International Monetary Fund
ISBN: 1498302564
Category : Business & Economics
Languages : en
Pages : 44
Book Description
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.
International Reserves and Foreign Currency Liquidity
Author: International Monetary Fund. Statistics Dept.
Publisher: International Monetary Fund
ISBN: 1484350162
Category : Business & Economics
Languages : en
Pages : 258
Book Description
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.
Publisher: International Monetary Fund
ISBN: 1484350162
Category : Business & Economics
Languages : en
Pages : 258
Book Description
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.
Guidelines for Foreign Exchange Reserve Management
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781589062603
Category : Business & Economics
Languages : en
Pages : 34
Book Description
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.
Publisher: International Monetary Fund
ISBN: 9781589062603
Category : Business & Economics
Languages : en
Pages : 34
Book Description
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.
The Management of Foreign Exchange Reserves
Author: Scott Roger
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 116
Book Description
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 116
Book Description
Foreign Exchange Intervention: A Dataset of Public Data and Proxies
Author: Gustavo Adler
Publisher: International Monetary Fund
ISBN: 1513566679
Category : Business & Economics
Languages : en
Pages : 67
Book Description
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.
Publisher: International Monetary Fund
ISBN: 1513566679
Category : Business & Economics
Languages : en
Pages : 67
Book Description
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.
The Currency Composition of Foreign Exchange Reserves
Guidelines for Foreign Exchange Reserve Management
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 214
Book Description
Of country practices -- Country case studies -- Appendixes.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 214
Book Description
Of country practices -- Country case studies -- Appendixes.
The Currency Composition of Foreign Exchange Reserves
Author: Jose Saul Lizondo
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
Book Description
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.
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
Book Description
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.