Author: United States. Department of Agriculture. Economic Research ServicePublisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 310
Book Description
Foreign Gold & Exchange Reserves
Author: United States. Department of Agriculture. Economic Research ServicePublisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 310
Book Description
Foreign Gold & Exchange Reserves
Author: Gold as International Reserves: A Barbarous Relic No More?
Author: Mr. Serkan ArslanalpPublisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 37
Book Description
After moving slowly downward for the better part of four decades, central bank gold holdings have risen since the Global Financial Crisis. We identify 14 “active diversifiers,” defined as countries that purchased gold and raised its share in total reserves by at least 5 percentage points over the last two decades. In contrast to the diversification of foreign currency reserves, which has been undertaken by advanced and developing country central banks alike, active diversifiers into gold are exclusively emerging markets. We document two sets of factors contributing to this trend. First, gold appeals to central bank reserve managers as a safe haven in periods of economic, financial and geopolitical volatility, when the return on alternative financial assets is low. Second, the imposition of financial sanctions by the United States, United Kingdom, European Union and Japan, the main reserve-issuing economies, is associated with an increase in the share of central bank reserves held in the form of gold. There is some evidence that multilateral sanctions imposed by these, and other countries have a larger impact than unilateral sanctions on the share of reserves held in gold, since the latter leave scope for shifting reserves into the currencies of other non-sanctioning countries.
Gold and Central Banks
Author: Feliks MłynarskiPublisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 186
Book Description
Foreign Gold and Exchange Reserves
Author: Gold Production, Gold Reserves and Foreign Exchange Reserves in 1959
Author: Bank for International SettlementsPublisher:
ISBN:
Category :
Languages : en
Pages : 7
Book Description
The Rise and Fall of a Barbarous Relic
Author: Michael D. BordoPublisher:
ISBN:
Category : Gold standard
Languages : en
Pages : 98
Book Description
In this paper we analyze the changing role of gold in the international monetary system, in particular the persistence of gold holdings by monetary authorities for 20 years following the breakdown of the Brettone Woods system system and the Second Amendment to the Articles of Agreement of the International Monetary Fund which severed the formal link to gold. We stress four points. First, the gold-exchange standard was a recent arrangement that emerged only around 1900 in response to a set of historically-specific factors which also help to account for it smooth operation. How long those factors would have continued to support it will never be known, due to a great war and then a great depression. Second, a system which relied on inelastically supplied precious metal and elastcially suppled foreign exchange to meet the the world economy's demand for reserves was intrinsically fragile, prone to confidence problems, and a transmission belt for policy mistakes. Third, network externalities, statutory restrictions and habit all contributed to the persistence of the practice of holding gold reserves. But the hold of even factors as powerful as these inevitably weakens with time and the effects of their erosion are reinforced by the rise of international capital mobility, which increases the ease of holding other forms of reserves, both unborrowed and borrowed, and by the shift to greater exchange-rate flexibility, which according to our results diminishes the demand for reserves in general. Fourth and finally, network externalities, in conjunction with central bankers' collective sense of responsibility for the stability of the price of what remains an important reserve asset, suggest that the same factors which have long held in place the practice of holding gold reserves, when they come unstuck, may become unstuck all at once.
Gold and the Dollar Crisis
Author: Robert TriffinPublisher: Dissertations-G
ISBN:
Category : Business & Economics
Languages : en
Pages : 224
Book Description
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.
The Gold-exchange Standard and the Great Depression
Author: Barry J. EichengreenPublisher:
ISBN:
Category : Depressions
Languages : en
Pages : 60
Book Description
A number of explanations for the severity of the Great Depression focus on the malfunctioning of the international monetary system. One such explanation emphasizes the deflationary monetary consequences of the liquidation of foreign-exchange reserves following competitive devaluations by Great Britain and her trading partners. Another emphasizes instead the international monetary policies of the Federal Reserve and the Rank of France. This paper analyzes both the exceptional behavior of the U.S. and France and the shift out of foreign exchange after 1930. While both Franco-American gold policies and systemic weaknesses of the international monetary system emerge as important factors in explaining the international distribution of reserves, the first of these factors turns out to play the more important role in the monetary stringency associated with the Great Depression.