Search Results - subject_exact:"Devisenbilanz"

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Balancing volatility and returns in the Czech National Bank's foreign exchange portfolio

Adam, Tomáš; Michl, Aleš; Škoda, Michal - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609222

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Balancing volatility and returns in the Czech National Bank's foreign exchange portfolio

Adam, Tomáš; Michl, Aleš; Škoda, Michal - 2023

Book / Working Paper

A user's guide to reducing the Federal Reserve's balance sheet

Anderson, Alyssa G.; Barbarino, Alessandro; Diercks, … - 2026 - Preliminary draft

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015653111

A tale of demand and supply for central bank reserves

Anbil, Sriya; Infante, Sebastian; Senyuz, Zeynep - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015653196

Gold and the external wealth of nations

Bindseil, Ulrich; Daskalova, Svetla; Senner, Richard - 2026 - This version: 30 May 2026

We analyse the portfolio-reallocation incentives faced by NIIP-surplus economies under cross-border seizure risk. Assets, such as gold, can be physically imported and held domestically in contrast to financial claims on other jurisdictions. Gold purchases not only reduce the NIIP but can also...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015654167

External crisis vulnerability in Latin America and the Caribbean

Cavallo, Eduardo A.; Fernández Arias, Eduardo - 2026

This paper assesses the vulnerability of Latin American and Caribbean (LAC) economies to external crises. It shows that while the average LAC economy has made significant strides to reduce vulnerability to crises to its historical minimum, there is still considerable room for improvement,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015636654

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External crisis vulnerability in Latin America and the Caribbean

Cavallo, Eduardo A.; Fernández Arias, Eduardo - 2023

Book / Working Paper

Beyond reserves : the Federal Reserve's balance sheet and the repo market

Anbil, Sriya; Anderson, Alyssa; Cohen, Ethan; Ruprecht, … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668539

Central bank reserves and banks' portfolio rebalancing in the euro area

Lampousis, Athanasios; Migiakis, Petros - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015665282

Hard to shift, easy to reshape : central bank reserve demand and frictions

Drehmann, Mathias; Fu, Xuewen - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016083760

Settlement liquidity in the Colombian large-value payment system : the role of reserve requirements

Cepeda L., Freddy; Gamboa-Estrada, Fredy; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016083774

Kyrgyz Republic : Selected Issues

2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016087567

Gold in Central Bank Reserves : Strategic Considerations, Market Risks, and Practical Guidance

Mak, Istvan - 2026

Gold has re-emerged as a prominent component of central bank reserves, largely reflecting valuation gains from higher gold prices rather than large-scale accumulation. This Note assesses gold’s role from a reserve management perspective, emphasizing that while gold carries no credit risk and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016087631

The diffusion of bank reserves in the U.S.

Ennis, Huberto M.; Wolman, Alexander L. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016089273

Central bank reserves and currency volatility

Ferreira, Alex Luiz; Gozluklu, Arie; Mainente, Joao de … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016083997

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Central Bank Reserves and Currency Volatility

Ferreira, Alex Luiz - 2020

Book / Working Paper

What determines banks' excess demand for reserves?

Åsberg, Per; Drehmann, Mathias; Hansson, Denise; … - 2026

What determines banks’ demand for holding reserves at the central bank overnight? This has become a critical question for central banks that are shrinking their balance sheets. We exploit the unique operational framework in Sweden and quantify the factors that drive banks’demand to hold...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016090352

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What determines banks' excess demand for reserves?

Åsberg, Per; Drehmann, Mathias; Hansson, Denise; … - 2026

Book / Working Paper

A welfare analysis of the central bank balance sheet

Pagel, William - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016094047

Dynamics of the currency composition of central bank reserves

Gefang, Deborah; Hall, Stephen G.; Tavlas, George S. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016093675

Financial resilience in a fragmented system : assessing Russia's SPFS and the sustainability of global payment networks

Sharaf, Mesbah Fathy; Shahen, Abdelhalem Mahmoud; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015654396

Optimal foreign reserve policy amid large external shocks in Indonesia, Malaysia and Thailand : implications for policy response to disasters

Molnar-Tanaka, Kensuke; Dutu, Richard; Ibrahim, Prasiwi - 2025

Countries in Southeast Asia, including Indonesia, Malaysia, and Thailand, are facing an increasing risk of large external shocks such as disasters, and managing such shocks must be a critical priority for policymakers in the region. This paper explores optimal policy responses to large external...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618465

Drivers of Dollar Share in Foreign Exchange Reserves

Goldberg, Linda S.; Hannaoui, Oliver - 2026

The share of US dollar assets in the official foreign exchange reserve portfolios of central banks, at times, is taken as an indicator of the dollar's global status. We provide a decomposition that shows two distinct channels contributing to the changes in the dollar share of reserves aggregated...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611192

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Drivers of dollar share in foreign exchange reserves

Goldberg, Linda S.; Hannaoui, Oliver - 2024

Book / Working Paper

Optimal foreign reserve intervention and financial development

Davis, Scott; Huang, Kevin X. D.; Liu, Zheng; Spiegel, Mark - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015555748

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Optimal foreign reserve intervention and financial development

Davis, Scott; Huang, Kevin X. D.; Liu, Zheng; Spiegel, Mark - 2025

Book / Working Paper

The use of global reserves for development

Plant, Mark W. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643383

Cyclicality of international reserves, exchange rate flexibility, and output volatility

Fujii, Eiji; Qian, Xingwang - 2025

This paper investigates the cyclicality of international reserves and their role in macroeconomic stabilization. We challenge two widely held assumptions: (1) central banks typically manage IR counter-cyclically—accumulating reserves during booms and drawing them down during downturns; and (2)...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015371901

Kenneth Rogoff's Our Dollar, Your Problem

Boskin, Michael J. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015651383

Dismantling the license Raj: the long road to India's 1991 trade reforms

Irwin, Douglas A. - 2025

In July 1991, India began to dismantle its long-standing, highly restrictive import control regime and move toward a more open economy. How were policymakers able to dislodge and replace an entrenched system with powerful vested interests behind it? Standard explanations for policy change -...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015209695

Reserve currency in jeopardy?

Estevão, Marcelo M.; Goldberg, Linda S.; Obstfeld, Maurice - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015651386

Sveriges Riksbank's foreign exchange reserve, 1823-2023

Ingman, Gustav - 2025

Recently, there has been increasing research interest in the historical composition of central bank reserves. However, studies in this area is hindered by a lack of data, as such data spanning multiple centuries is only available for a small number of countries. This paper presents an empirical...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015337582

Central banks as dollar lenders of last resort : implications for regulation and reserve holdings

Das, Mitali; Gopinath, Gita; Hall, Helene; Kim, Taehoon; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015676310

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Central Banks as Dollar Lenders of Last Resort : Implications for Regulation and Reserve Holdings

Das, Mitali; Gopinath, Gita; Kim, Taehoon; Stein, Jeremy C. - 2022

Book / Working Paper

Central Banks as Dollar Lenders of Last Resort : Implications for Regulation and Reserve Holdings

Das, Mitali; Gopinath, Gita; Kim, Taehoon; Stein, Jeremy C. - 2023

Book / Working Paper

Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings

Das, Mitali - 2023

Book / Working Paper

Cost of foreign reserve accumulation in emerging market and developing economies

ʿAbd-al-H̱āliq, Ǧūda; Rizk, Amany - 2025

Purpose - This paper aims to obtain a recent estimate of the cost of precautionary foreign reserve accumulation that emerging market and developing economies (EMDEs) had to endure to protect themselves against the risks of financial globalization. In addition, the study estimates the cost of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015339222

Assessing the impact of macroeconomic variables on the stock market : the case of India

Kumari, Annu - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015677422

Financial sanctions and the share of US dollar in global reserve currencies : evidence from the Least Absolute Shrinkage and Selection Operator (LASSO) model

Sanusi, Aliyu R.; Mamman, Suleiman O.; Iliyasu, Jamilu; … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015195250

US Monetary Spillovers, Foreign Exchange, and Gold Reserves at Times of Geopolitical Fragmentation

Aizenman, Joshua; Saadaoui, Jamel; Uddin, Mohammed Gazi … - 2026

This paper studies the role of foreign exchange and gold reserves in mitigating the US monetary policy spillovers to exchange rates at times of geopolitical fragmentation and de-dollarization. US dollar reserves mitigate depreciation driven by US monetary tightening, while non-dollar reserves do...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015671177

A general framework to assess the smooth implementation of monetary policy : an application to the introduction of the digital euro

De Nicola, Annalisa; Lo Russo, Michelina - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015173458

Global imbalances and power imbalances

Clayton, Christopher; Maggiori, Matteo; Schreger, Jesse - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618273

The impacts of disasters on capital flows, international reserves and exchange rates : implications for public sector financial risk management and development lenders

Lo, Yuen C.; Volz, Ulrich - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015359877

An FTPL approach to international reserve accumulation

Corsetti, Giancarlo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015619069

Assessing the readiness of the Chiang Mai Initiative Multilateralization : can it effectively address future crises?

Suk, Hyun; Kim, Seong-Hoon - 2025

This study evaluates the effectiveness of the Chiang Mai Initiative Multilateralization (CMIM) in safeguarding financial stability among members of the Association of Southeast Asian Nations (ASEAN) plus Japan, the People's Republic of China, and the Republic of Korea-particularly in response to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015464794

De-dollarization? Diversification? : exploring central bank gold purchases and the dollar's role in international reserves

Weiss, Colin - 2025

I examine how governments have managed their holdings of gold and dollar reserves in recent decades, a period when gold's share of aggregate international reserves rose and the dollar's share fell. Using data on central banks’ reserve currency composition and official sector purchases of U.S....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015450748

The role of international reserves to synthesise trinity debate : a quadrilemma analysis

Kaur, Ramandeep - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016069668

The US trade deficit and foreign borrowing : how long can it continue?

Bayoumi, Tamim A.; Gagnon, Joseph E. - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015450754

Not all foreign exchange reserves are created alike

Chenard, Antonin; Eichengreen, Barry; Monnet, Eric; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015642011

Crude oil price volatility and the Nigerian economy

Mgbomene, Chukunalu; Ashakah, Felix Onoriode; Metieh, … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015434772

Sovereign default, foreign exchange-in-advance constraints, and endogenous default costs

Johri, Alok - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015438329

2025

This is the third report on the climate-related financial disclosures of Eurosystem assets held for monetary policy purposes and of the ECB's foreign reserves. 2 The primary objective of the ESCB is to maintain price stability in the euro area, targeting an inflation rate of 2% over the medium...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015430880

The US dollar and decarbonization : exploring constraints

Driscoll, Daniel - 2025

This research essay explores how US dollar centrality and strength may impede decarbonization. First, I suggest that because US dollar centrality enables higher US household consumption and imports, and US household consumption is comparatively carbon-intensive, centrality can increase per...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015608316

Optimal FX Interventions with Limited Reserves

Kolasa, Marcin - 2025

We investigate the optimal time-consistent use of foreign exchange interventions (FXI) in a small open economy model driven by endowment and portfolio flow shocks, with endogenous FX market depth and a lower bound constraint on FX reserves. In a competitive equilibrium, large capital flows...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612774

Central Bank Exploration of Tokenized Reserves

Kunaratskul, Tansaya - 2025

How should central banks explore tokenized reserves? Central banks are increasingly exploring how to make their reserves available to selected banks using distributed ledger technology, referred to as tokenized reserves. This chapter covers policy objectives for tokenized reserves, operating...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612861

External Sector Report 2025 : Global Imbalances in a Shifting World

2025

This year’s report provides the external sector assessment of 30 of the world’s largest economies on the basis of their 2024 data. Global current account balances in 2024 widened significantly. Staff assessment suggests that excess current account balances account for about two-thirds of the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015613259

Ramsey-Optimal Fiscal Spending and Reserve Accumulation Policies under Volatile Aid

Moldovan, Ioana - 2025

This paper examines Ramsey-optimal policies related to fiscal spending and international reserve accumulation in response to volatile aid flows in Low-Income Countries (LICs). We develop a real Dynamic Stochastic General Equilibrium (DSGE) model of a small open economy, incorporating government...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015613344

Moment of the euro? : perceptions of US dollar decline

Hegemann, Hendrik; Wieland, Volker - 2025

This study reviews new perceptions of an imminent decline of the international role of the US dollar and implications for the euro. It considers developments in international reserves, invoicing, debt and payment systems. Strengths and weaknesses of the US and euro area economies are discussed...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015551308

New roles in central bank cooperation : towards a global liquidity backstop

Spielberger, Lukas - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015551492