Laser, Falk Hendrik ; Weidner, Jan (2020)
Currency Compositions of International Reserves and the Euro Crisis.
doi: 10.25534/tuprints-00011471
Report, Erstveröffentlichung
Kurzbeschreibung (Abstract)
During recent years, central banks have increased the levels of their international reserves at an unprecedented pace. In this paper, we introduce new country-specific reserve data and examine determinants of the composition of inter- national reserves. Using a dataset of 36 countries (and the euro area) for the years from 1996 to 2016, we identify currency pegs and trade patterns as determinants of currency compositions. Our results emphasize the importance of transaction moti- ves for the composition of currency reserves. The euro crisis appears to have been a setback for the euro, which temporarily seemed to challenge the US dollar as the most important international reserve currency and potentially impacted the deter- mination of international reserve compositions.
| Typ des Eintrags: | Report |
|---|---|
| Erschienen: | 2020 |
| Autor(en): | Laser, Falk Hendrik ; Weidner, Jan |
| Art des Eintrags: | Erstveröffentlichung |
| Titel: | Currency Compositions of International Reserves and the Euro Crisis |
| Sprache: | Englisch |
| Publikationsjahr: | Februar 2020 |
| Ort: | Darmstadt |
| Reihe: | Darmstadt Discussion Papers in Economics |
| Band einer Reihe: | 238 |
| DOI: | 10.25534/tuprints-00011471 |
| URL / URN: | https://tuprints.ulb.tu-darmstadt.de/11471 |
| Kurzbeschreibung (Abstract): | During recent years, central banks have increased the levels of their international reserves at an unprecedented pace. In this paper, we introduce new country-specific reserve data and examine determinants of the composition of inter- national reserves. Using a dataset of 36 countries (and the euro area) for the years from 1996 to 2016, we identify currency pegs and trade patterns as determinants of currency compositions. Our results emphasize the importance of transaction moti- ves for the composition of currency reserves. The euro crisis appears to have been a setback for the euro, which temporarily seemed to challenge the US dollar as the most important international reserve currency and potentially impacted the deter- mination of international reserve compositions. |
| URN: | urn:nbn:de:tuda-tuprints-114711 |
| Zusätzliche Informationen: | JEL classification: E58, F31, G01 |
| Sachgruppe der Dewey Dezimalklassifikatin (DDC): | 300 Sozialwissenschaften > 330 Wirtschaft |
| Fachbereich(e)/-gebiet(e): | 01 Fachbereich Rechts- und Wirtschaftswissenschaften 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete > Fachgebiet Internationale Wirtschaft |
| Hinterlegungsdatum: | 23 Feb 2020 20:55 |
| Letzte Änderung: | 23 Feb 2020 20:55 |
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