Arbeitspapier
Currency compositions of international reserves and the euro crisis
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 international 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 motives 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 determination of international reserve compositions.
- Language
-
Englisch
- Bibliographic citation
-
Series: Darmstadt Discussion Papers in Economics ; No. 238
- Classification
-
Wirtschaft
Central Banks and Their Policies
Foreign Exchange
Financial Crises
- Subject
-
International reserves
central banks
euro crisis
- Event
-
Geistige Schöpfung
- (who)
-
Laser, Falk Hendrik
Weidner, Jan
- Event
-
Veröffentlichung
- (who)
-
Technische Universität Darmstadt, Department of Law and Economics
- (where)
-
Darmstadt
- (when)
-
2020
- DOI
-
doi:10.25534/tuprints-00011471
- Handle
- URN
-
urn:nbn:de:tuda-tuprints-114711
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Laser, Falk Hendrik
- Weidner, Jan
- Technische Universität Darmstadt, Department of Law and Economics
Time of origin
- 2020
Other Objects (12)
Currency Compositions of International Reserves and the Euro Crisis
Currency crisis
Currency reserves covering imports of four months
India's policy stance on reserves and the currency
Financial crisis and International reserves
Emerging from the Euro debt crisis : making the single currency work
A latent currency crisis
Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar
Currency Runs, International Reserves Management and Optimal Monetary Policy Rules
Currency runs, international reserves management and optimal monetary policy rules
Aftermath of the currency crisis
Post-war record of export surpluses hardly reflected in currency reserves
Currency Compositions of International Reserves and the Euro Crisis
Currency crisis
Currency reserves covering imports of four months
India's policy stance on reserves and the currency
Financial crisis and International reserves
Emerging from the Euro debt crisis : making the single currency work
A latent currency crisis
Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar
Currency Runs, International Reserves Management and Optimal Monetary Policy Rules
Currency runs, international reserves management and optimal monetary policy rules
Aftermath of the currency crisis
Post-war record of export surpluses hardly reflected in currency reserves
Currency Compositions of International Reserves and the Euro Crisis
Currency crisis
Currency reserves covering imports of four months
India's policy stance on reserves and the currency
Financial crisis and International reserves
Emerging from the Euro debt crisis : making the single currency work
A latent currency crisis
Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar
Currency Runs, International Reserves Management and Optimal Monetary Policy Rules
Currency runs, international reserves management and optimal monetary policy rules
Aftermath of the currency crisis