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Currency Compositions of International Reserves and the Euro Crisis

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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