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150128 ||| eng |
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|a 9781451868562
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|a Lim, Ewe-Ghee
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|a Do Reserve Portfolios Respond to Exchange Rate Changes Using a Portfolio Rebalancing Strategy? An Econometric Study Using COFER Data
|c Ewe-Ghee Lim
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|a Washington, D.C.
|b International Monetary Fund
|c 2007
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| 300 |
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|a 22 pages
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|a United States
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|a Government and the Monetary System
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|a Payment Systems
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|a Finance
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|a Currency; Foreign exchange
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| 653 |
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|a Monetary economics
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| 653 |
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|a Regimes
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| 653 |
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|a Exchange rate adjustments
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| 653 |
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|a Money
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|a International Financial Markets
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|a Currency markets
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|a Foreign Exchange
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|a Standards
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|a Currencies
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|a Monetary Systems
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|a Foreign exchange market
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|a Exchange rates
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|a Money and Monetary Policy
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|a Reserve currencies
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|a Finance: General
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| 653 |
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|a Foreign exchange
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|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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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451868562.001
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|u https://elibrary.imf.org/view/journals/001/2007/293/001.2007.issue-293-en.xml?cid=21504-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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|a This paper tests whether reserve portfolios respond to exchange rate changes with a portfolio rebalancing strategy, which requires the purchase of depreciating currencies and sale of appreciating ones. The paper finds empirical support for the strategy, in particular that dollar depreciation/appreciation results in rebalancing switches vis-a-vis the other major reserve currency, the euro; valuation changes in the minor currencies tend to result in switches among themselves. The finding implies that currency diversifications in response to exchange rate changes have thus far tended to be stabilizing for exchange markets; it also helps explain the relative stability of reserve currency shares
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