Published In
CESIFO Working Paper series
Document Type
Working Paper
Publication Date
5-1-2009
Subjects
Foreign exchange reserves, Developed countries -- Economic conditions
Abstract
Using data from more than 100 economies for the period of 1975 to 2005, we conduct an extensive empirical analysis of the determinants of international reserve holdings. Four groups of determinants, namely, traditional macro variables, financial variables, institutional variables, and dummy variables that control for individual economies’ characteristics are considered. We find that the relationship between international reserves and their determinants is significantly different between developed and developing economies and is not stable over time. The estimation results indicate that, especially during the recent period, a developed economy tends to hold a lower level of international reserves than a developing one.
DOI
10.1080/10168730903372208
Persistent Identifier
http://archives.pdx.edu/ds/psu/4845
Citation Details
Cheung, Yin-Wong, and Hiro Ito. "A cross-country empirical analysis of international reserves." International Economic Journal 23.4 (2009): 447-481.
Description
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 2654.