| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25934 |
| 来源ID | Working Paper 25934 |
| The Currency Composition of International Reserves, Demand for International Reserves, and Global Safe Assets | |
| Joshua Aizenman; Yin-Wong Cheung; Xingwang Qian | |
| 发表日期 | 2019-06-10 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper examines determinants of the international reserves (IR) currency composition before and after the Global Financial Crisis (GFC). Applying the annual data of 58 countries, we confirm that countries that trade more with the US, euro zone, UK, and Japan, and issue more debt denominated in the big four currencies (US dollar, euro, pound, yen) hoard more IR in these currencies. We find scale effects in which countries tend to diversify from the big four currencies as they increase their IR/GDP and that a growing shortage of global safe assets (GSAs) induces countries to hold more big four currencies. Countries hold less big four currencies as IR after the 2008 GFC, while they hold more of such currencies since the tapering of the Fed’s quantitative easing. The 2008 GFC and QE tapering weakened and sometimes reversed the effect of several economic factors. We also find that TARGET2 balances matter for the currency composition in the euro zone; commodity-exporting countries tend to diversify their IR from the big four currencies when their terms of trade improve; and that the valuation effects induced by Euro/USD exchange rate changes diminish the significance of the GFC in explaining the currency composition of IR. |
| 主题 | International Economics ; Trade ; International Finance |
| URL | https://www.nber.org/papers/w25934 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583608 |
| 推荐引用方式 GB/T 7714 | Joshua Aizenman,Yin-Wong Cheung,Xingwang Qian. The Currency Composition of International Reserves, Demand for International Reserves, and Global Safe Assets. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25934.pdf（472KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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