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150128 ||| eng |
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|a 9781451848298
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|a Flood, Robert
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|a Holding International Reserves in an Era of High Capital Mobility
|c Robert Flood, Nancy Marion
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2002
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| 300 |
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|a 53 pages
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| 651 |
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4 |
|a South Africa
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| 653 |
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|a Foreign exchange reserves
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| 653 |
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|a Institutional Investors
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| 653 |
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|a Stocks
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| 653 |
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|a Pension Funds
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| 653 |
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|a Currency; Foreign exchange
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| 653 |
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|a Financial institutions
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| 653 |
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|a Financial Instruments
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| 653 |
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|a Gold reserves
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| 653 |
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|a Trade: General
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| 653 |
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|a Exports and Imports
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| 653 |
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|a International economics
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| 653 |
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|a Central banks
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Non-bank Financial Institutions
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| 653 |
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|a International trade
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| 653 |
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|a International reserves
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Investments: Stocks
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| 653 |
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|a Banking
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| 653 |
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|a Investment & securities
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| 653 |
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|a Exchange rates
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Imports
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| 653 |
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|a Foreign exchange
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| 700 |
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|a Marion, Nancy
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451848298.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2002/062/001.2002.issue-062-en.xml?cid=15558-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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|a 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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