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Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop
Calvo, Guillermo; Izquierdo, Alejandro; Loo-Kung, Rudy - National Bureau of Economic Research (NBER) - 2012
Asia lay above. Nonetheless, there are other motives for reserve accumulation: we find that differences between observed …
Persistent link: https://www.econbiz.de/10010951260
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Central Banks and Gold Puzzles
Aizenman, Joshua; Inoue, Kenta - National Bureau of Economic Research (NBER) - 2012
We study the curious patterns of gold holding and trading by central banks during 1979-2010. With the exception of several discrete step adjustments, central banks keep maintaining passive stocks of gold, independently of the patterns of the real price of gold. We also observe the...
Persistent link: https://www.econbiz.de/10009652778
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The Federal Reserve as an Informed Foreign Exchange Trader: 1973 - 1995
Bordo, Michael David; Humpage, Owen F.; Schwartz, Anna J. - National Bureau of Economic Research (NBER) - 2011
If official interventions convey private information useful for price discovery in foreign-exchange markets, then they should have value as a forecast of near-term exchange-rate movements. Using a set of standard criteria, we show that approximately 60 percent of all U.S. foreign-exchange...
Persistent link: https://www.econbiz.de/10009294889
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Does Foreign Exchange Reserve Decumulation Lead to Currency Appreciation?
Dominguez, Kathryn M. E.; Fatum, Rasmus; Vacek, Pavel - National Bureau of Economic Research (NBER) - 2010
Many developing countries have increased their foreign reserve stocks dramatically in recent years, often motivated by the desire for precautionary self-insurance. One of the negative consequences of large accumulations for these countries is the risk of valuation losses. In this paper we...
Persistent link: https://www.econbiz.de/10008601676
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Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
Rose, Andrew; Spiegel, Mark M - National Bureau of Economic Research (NBER) - 2011
While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into the international financial system. Empirical...
Persistent link: https://www.econbiz.de/10009277235
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Can Subsidiaries of Foreign Banks Contribute to the Stability of the Forex Market in Emerging Economies? A Look at Some Evidence from the Mexican...
Reynoso, Alejandro - National Bureau of Economic Research (NBER) - 2002
Over the last decade, the ownership of the banking sector in Latin America has changed hands from local shareholders to large foreign banks from Spain and the United States. It is also a fact that the foreign exchange market in these countries has been segmented through various kinds of...
Persistent link: https://www.econbiz.de/10005714255
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Does Central Bank Intervention Increase the Volatility of Foreign Exchange Rates?
Dominguez, Kathryn M. E. - National Bureau of Economic Research (NBER) - 1993
displayed a surprisingly high degree of time-conditional volatility. This volatility can be explained statistically using … autoregressive conditional heteroscedasticity models, but there remains the question of the economic source of this volatility … known Fed intervention generally decreased volatility over the full period. Further, results indicate that intervention need …
Persistent link: https://www.econbiz.de/10005774443
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Is Foreign Exchange Intervention Effective?: The Japanese Experiences in the 1990s
Ito, Takatoshi - National Bureau of Economic Research (NBER) - 2002
This paper examines Japanese foreign exchanges interventions from April 1991 to March 2001 based on newly disclosed official data. All the yen-selling (dollar-purchasing) interventions were carried out when the yen/dollar rate was below 125, while all the yen-purchasing (dollar-selling)...
Persistent link: https://www.econbiz.de/10005774452
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Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008
Obstfeld, Maurice; Taylor, Alan M.; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2009
In this paper we connect the events of the last twelve months, "The Panic of 2008" as it has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank's desire to backstop the broad money supply...
Persistent link: https://www.econbiz.de/10005774513
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Financial Stability, the Trilemma, and International Reserves
Obstfeld, Maurice; Taylor, Alan M.; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2008
The rapid growth of international reserves---a development concentrated in the emerging markets---remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital...
Persistent link: https://www.econbiz.de/10005777623