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Currency Compositions of International Reserves and the Euro Crisis

Laser, Falk Hendrik and Weidner, Jan (2020):
Currency Compositions of International Reserves and the Euro Crisis.
In: Darmstadt Discussion Papers in Economics, 238, Darmstadt, ISSN 1438-2733,
DOI: 10.25534/tuprints-00011471,
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Item Type: Report
Title: Currency Compositions of International Reserves and the Euro Crisis
Language: English
Abstract:

During recent years, central banks have increased the levels of their international reserves at an unprecedented pace. In this paper, we introduce new country-specific reserve data and examine determinants of the composition of inter- national reserves. Using a dataset of 36 countries (and the euro area) for the years from 1996 to 2016, we identify currency pegs and trade patterns as determinants of currency compositions. Our results emphasize the importance of transaction moti- ves for the composition of currency reserves. The euro crisis appears to have been a setback for the euro, which temporarily seemed to challenge the US dollar as the most important international reserve currency and potentially impacted the deter- mination of international reserve compositions.

Series Name: Darmstadt Discussion Papers in Economics
Volume: 238
Place of Publication: Darmstadt
Classification DDC: 300 Sozialwissenschaften > 330 Wirtschaft
Divisions: 01 Department of Law and Economics > Volkswirtschaftliche Fachgebiete
01 Department of Law and Economics > Volkswirtschaftliche Fachgebiete > International Economics
Date Deposited: 20 Feb 2020 12:45
Last Modified: 20 Feb 2020 12:45
DOI: 10.25534/tuprints-00011471
URN: urn:nbn:de:tuda-tuprints-114711
Additional Information:

JEL classification: E58, F31, G01

URI: https://tuprints.ulb.tu-darmstadt.de/id/eprint/11471
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