Foreign Gold & Exchange Reserves
Author: United States. Department of Agriculture. Economic Research Service
Publisher:
Published: 1962
Total Pages: 310
ISBN-13:
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Author: United States. Department of Agriculture. Economic Research Service
Publisher:
Published: 1962
Total Pages: 310
ISBN-13:
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Publisher:
Published: 1969
Total Pages: 148
ISBN-13:
DOWNLOAD EBOOKAuthor: Mr. Serkan Arslanalp
Publisher: International Monetary Fund
Published: 2023-01-27
Total Pages: 37
ISBN-13:
DOWNLOAD EBOOKAfter moving slowly downward for the better part of four decades, central bank gold holdings have risen since the Global Financial Crisis. We identify 14 “active diversifiers,” defined as countries that purchased gold and raised its share in total reserves by at least 5 percentage points over the last two decades. In contrast to the diversification of foreign currency reserves, which has been undertaken by advanced and developing country central banks alike, active diversifiers into gold are exclusively emerging markets. We document two sets of factors contributing to this trend. First, gold appeals to central bank reserve managers as a safe haven in periods of economic, financial and geopolitical volatility, when the return on alternative financial assets is low. Second, the imposition of financial sanctions by the United States, United Kingdom, European Union and Japan, the main reserve-issuing economies, is associated with an increase in the share of central bank reserves held in the form of gold. There is some evidence that multilateral sanctions imposed by these, and other countries have a larger impact than unilateral sanctions on the share of reserves held in gold, since the latter leave scope for shifting reserves into the currencies of other non-sanctioning countries.
Author: Feliks Młynarski
Publisher:
Published: 1929
Total Pages: 186
ISBN-13:
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Publisher:
Published: 1970
Total Pages: 76
ISBN-13:
DOWNLOAD EBOOKAuthor: Michael D. Bordo
Publisher:
Published: 1998
Total Pages: 98
ISBN-13:
DOWNLOAD EBOOKIn this paper we analyze the changing role of gold in the international monetary system, in particular the persistence of gold holdings by monetary authorities for 20 years following the breakdown of the Brettone Woods system system and the Second Amendment to the Articles of Agreement of the International Monetary Fund which severed the formal link to gold. We stress four points. First, the gold-exchange standard was a recent arrangement that emerged only around 1900 in response to a set of historically-specific factors which also help to account for it smooth operation. How long those factors would have continued to support it will never be known, due to a great war and then a great depression. Second, a system which relied on inelastically supplied precious metal and elastcially suppled foreign exchange to meet the the world economy's demand for reserves was intrinsically fragile, prone to confidence problems, and a transmission belt for policy mistakes. Third, network externalities, statutory restrictions and habit all contributed to the persistence of the practice of holding gold reserves. But the hold of even factors as powerful as these inevitably weakens with time and the effects of their erosion are reinforced by the rise of international capital mobility, which increases the ease of holding other forms of reserves, both unborrowed and borrowed, and by the shift to greater exchange-rate flexibility, which according to our results diminishes the demand for reserves in general. Fourth and finally, network externalities, in conjunction with central bankers' collective sense of responsibility for the stability of the price of what remains an important reserve asset, suggest that the same factors which have long held in place the practice of holding gold reserves, when they come unstuck, may become unstuck all at once.
Author: Bank for International Settlements
Publisher:
Published: 1960
Total Pages: 7
ISBN-13:
DOWNLOAD EBOOKAuthor: International Monetary Fund. Statistics Dept.
Publisher: International Monetary Fund
Published: 2015-01-07
Total Pages: 258
ISBN-13: 1484350162
DOWNLOAD EBOOKThis update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.
Author: William Adams Brown
Publisher:
Published: 1940
Total Pages: 708
ISBN-13:
DOWNLOAD EBOOKAuthor: Robert Triffin
Publisher: Dissertations-G
Published: 1983
Total Pages: 224
ISBN-13:
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