Hidden Bibliographic Details
| Other authors / contributors: | Marion, Nancy Peregrim.
International Monetary Fund. Research Department.
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| ISBN: | 1451895038
9781451895032
1281972746
9781281972743
1462383300
9781462383306
1451988478
9781451988475
9786613793966
6613793965
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| Notes: | Includes bibliographical references (pages 49-52).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | Annotation Why do countries hold so much international reserves? Global reserve holdings (excluding gold) were equivalent to 17 weeks of imports at the end of 1999. That is almost double what they were at the end of 1960 and about 20 percent higher than they were at the start of the 1990s. In this paper we study countries reserve holdings in light of both the increased financial volatility experienced in the last decade and diminished adherence to fixed exchange rates. We find that buffer-stock reserve models work about as well in the modern floating-rate period as they did during the Bretton Woods regime. During both periods, however, the models fundamentals explain only a small portion (10-15 percent) of reserves volatility.
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| Other form: | Print version: Flood, Robert P. Holding international reserves in an era of high capital mobility. [Washington, D.C.] : International Monetary Fund, ©2002
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| Standard no.: | 10.5089/9781451895032.001
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