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A tractable model of precautionary reserves, net foreign assets, or sovereign wealth funds

Carroll, Christopher D.; Jeanne, Olivier - 2009

We model the motives for residents of a country to hold foreign assets, including the precautionary motive that has been omitted from much previous literature as intractable. Our model captures many of the principal insights from the existing specialized literature on the precautionary motive,...

Persistent link: https://www.econbiz.de/10010303728

Asset class diversification and delegation of responsibilities between central banks and sovereign wealth funds

Aizenman, Joshua; Glick, Reuven - 2010

This paper presents a model comparing the optimal degree of asset class diversification abroad by a central bank and a sovereign wealth fund. We show that if the central bank manages its foreign asset holdings in order to meet balance of payments needs, particularly in reducing the probability...

Persistent link: https://www.econbiz.de/10010333067

Asset class diversification and delegation of responsibilities between central banks and sovereign wealth funds

Aizenman, Joshua; Glick, Reuven - 2010

Persistent link: https://www.econbiz.de/10010287783

Inwieweit kann die Deutsche Bundesbank auf Goldreserven verzichten?

Weber, Manfred; Knappe, Karl - In: Wirtschaftsdienst 84 (2004) 6, pp. 372-378

Von Goldverkäufen aus den Beständen der Deutschen Bundesbank erhofft sich die Bundesregierung zusätzliche Finanzmittel. Welche Bedeutung haben die Goldbestände für die Währungsreserven? Wofür werden Währungsreserven benötigt? Auf wieviel Goldreserven könnte die Deutsche Bundesbank...

Persistent link: https://www.econbiz.de/10010303142

A more effective euro area monetary policy than OMTs: Gold-backed sovereign debt

Belke, Ansgar - In: Intereconomics 48 (2013) 4, pp. 237-242

utilising national gold reserves as collateral for government debt. Gold backing would be quite attractive to bond investors and …

Persistent link: https://www.econbiz.de/10010327996

Mutual assistance between Federal Reserve Banks, 1913-1960 as prolegomena to the TARGET2 debate

Eichengreen, Barry; Mehl, Arnaud; Chiţu, Livia; … - 2014

them to mutualise their gold reserves in emergency situations. Gold reserve sharing was especially important in response to … union. But fortunes could change quickly, with emergency recipients of gold turning into providers. Because regional …

Persistent link: https://www.econbiz.de/10011605731

Neubewertung der Goldbestände der Deutschen Bundesbank im Zielkonflikt

Dickertmann, Dietrich - In: Wirtschaftsdienst 77 (1997) 7, pp. 390-399

Persistent link: https://www.econbiz.de/10011467696

Central banks and gold puzzles

Aizenman, Joshua; Inoue, Kenta - 2012

We study the curious patterns of gold holding and trading by central banks during 1979-2010. With the exception of … several discrete step adjustments, central banks keep maintaining passive stocks of gold, independently of the patterns of the … real price of gold. We also observe the synchronization of gold sales by central banks, as most reduced their positions in …

Persistent link: https://www.econbiz.de/10010288148

The British foreign exchange reserves puzzle

Hüfner, Felix P. - 2000

The British foreign exchange reserves decreased by 40 percent during the period August 1996-December 1999 although the Pound Sterling is considered a floating exchange rate since it left the EMS in 1992. Since changes in the level of foreign exchange reserves are usually taken as indicators for...

Persistent link: https://www.econbiz.de/10010297719

Does Foreign Exchange Reserve Decumulation Lead to Currency Appreciation?

Dominguez, Kathryn M. E.; Fatum, Rasmus; Vacek, Pavel - 2010

Many developing countries have increased their foreign reserve stocks dramatically in recent years, often motivated by the desire for precautionary self-insurance. One of the negative consequences of large accumulations for these countries is the risk of valuation losses. In this paper we...

Persistent link: https://www.econbiz.de/10010320995