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How Central Banks Prepare for Financial Crises - An Empirical Analysis of the Effects of Crises and Globalization on International Reserve Holdings

Steiner, Andreas - 2009

Central banks' international reserve holdings have increased significantly in the recent past. While traditional models fail to explain this accumulation of reserves, the more recent literature argues that reserves are used as a lifejacket against currency crises. However, research so far has...

Persistent link: https://www.econbiz.de/10013157442

Central Bank Reserve Management and International Financial Stability-Some Post-Crisis Reflections

Jones, Bradley - 2018

Motivated by the tension first revealed during the global financial crisis between thedomestic and international financial stability obligations of central bank reserve managers,this paper offers some reflections along four main lines. First, the paper highlights howofficial reserve management...

Persistent link: https://www.econbiz.de/10012924272

Currency compositions of international reserves and the euro crisis

Laser, Falk Hendrik; Weidner, Jan - 2020

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...

Persistent link: https://www.econbiz.de/10012169782

Currency wars, not public debt, may create a financial meltdown : conference paper

Pope, Robin; Selten, Reinhard - 2013

, Hitler, a world war, then a Korean war were all needed to make the fiscal stimulus mighty enough to restore US employment …

Persistent link: https://www.econbiz.de/10010340537

Central Bank Reserves and Currency Volatility

Ferreira, Alex Luiz - 2020

We investigate the effects of Central Bank interventions which are designed to smooth exchange rate volatility but are not aimed at a particular trend level. We present a model in which the intervention flow is a non-linear mapping of the market order flow. Simulations show that small daily...

Persistent link: https://www.econbiz.de/10012848812

Determinants of foreign reserves in Nigeria: An autoregressive distributed lag approach

Irefin, David; Yaaba, Baba N. - In: CBN Journal of Applied Statistics 02 (2011) 2, pp. 63-82

On global scale, central banks' holdings of foreign reserves have escalated sharply in recent years. World … from Asia. Oil exporting countries in Africa and the Middle East are not left out in this trend. Nigeria's foreign reserves … rose from US$5.5 billion in 1999 to US$62.40 billion in July 2008, making Nigeria the twenty-fourth largest reserves holder …

Persistent link: https://www.econbiz.de/10011482563

Central Bank Swap Lines : Micro-level Evidence

Ferrara, Gerardo; Mueller, Philippe; Viswanath-Natraj, … - 2022

In this paper we investigate the price, volatility and micro-level effects of central bank swap lines during the 2020 pandemic. These policies lowered the ceiling on covered interest rate parity violations and reduced volatility following settlement of swap line auctions. We then combine...

Persistent link: https://www.econbiz.de/10013289210

Central banks' dilemma : reserve accumulation, inflation and financial instability

Steiner, Andreas - 2010

Central banks' international reserves have increased significantly in the recent past. While this accumulation has been widely perceived as precautionary savings to prevent financial crises, rising reserves might also endanger monetary and financial stability. This paper sheds new light on the...

Persistent link: https://www.econbiz.de/10009660974

Public debt tipping point studies ingnore how exchange rate changes may create a financial meltdown

Pope, Robin; Selten, Reinhard - 2011

world currency. This means that such studies ignore the likely biggest cause of changes in growth rates, namely damage from … exchange rate liquidity shocks because we do not live in the fairyland of a single world currency. The conclusions of these … world money, and to ensuring that for profit activities in the pharmaceutical and financial industries are adequately …

Persistent link: https://www.econbiz.de/10009748247

Central Bank Exchange Rate Interventions and Market Expectations : The Case of Mexico during the Financial Crisis 2008-2009

Benavides, Guillermo - 2011

The objective of this research paper is to analyze if exchange rate interventions that the Central Bank of Mexico had during the 2008-2009 financial crisis influenced the Mexican Peso-US Dollar exchange rate market expectations. Expectations are gauged by Risk-Neutral Densities (RNDs) extracted...

Persistent link: https://www.econbiz.de/10013120779

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