968:
overstate the cost. Alternatively, another measure compares the yield in reserves with the alternative scenario of the resources being invested in capital stock to the economy, which is hard to measure. One interesting measure tries to compare the spread between short term foreign borrowing of the private sector and yields on reserves, recognizing that reserves can correspond to a transfer between the private and the public sectors. By this measure, the cost can reach 1% of GDP to developing countries. While this is high, it should be viewed as an insurance against a crisis that could easily cost 10% of GDP to a country. In the context of theoretical economic models it is possible to simulate economies with different policies (accumulate reserves or not) and directly compare the welfare in terms of consumption. Results are mixed, since they depend on specific features of the models.
807:
If a specific country is suffering from a balance of payments crisis, it would be able to borrow from the IMF. However, the process of obtaining resources from the Fund is not automatic, which can cause problematic delays especially when markets are stressed. Therefore, the fund only serves as a provider of resources for longer term adjustments. Also, when the crisis is generalized, the resources of the IMF could prove insufficient. After the 2008 crisis, the members of the Fund had to approve a capital increase, since its resources were strained. Moreover, after the 1997 Asian crisis, reserves in Asian countries increased because of doubt in the IMF reserves. Also, during the 2008 crisis, the
378:
1032:
1944 to 1968, the US dollar was convertible into gold through the
Federal Reserve System, but after 1968 only central banks could convert dollars into gold from official gold reserves, and after 1973 no individual or institution could convert US dollars into gold from official gold reserves. Since 1973, no major currencies have been convertible into gold from official gold reserves. Individuals and institutions must now buy gold in private markets, just like other commodities. Even though US dollars and other currencies are no longer convertible into gold from official gold reserves, they still can function as official international reserves.
987:(CHF) appreciated sharply. The central bank resisted appreciation by buying reserves. After accumulating reserves during 15 months until June 2010, the SNB let the currency appreciate. As a result, the loss with the devaluation of reserves just in 2010 amounted to CHF 27 Billion or 5% of GDP (part of this was compensated by the profit of almost CHF6 Billion due to the surge in the price of gold). In 2011, after the currency appreciated against the Euro from 1.5 to 1.1, the SNB announced a ceiling at the value of CHF 1.2. In the middle of 2012, reserves reached 71% of GDP.
366:
2668:
1089:
assets of Japan were about 13% of GDP but by the end of 1989 had reached an unprecedented 62%. After 1997, nations in East and
Southeast Asia began their massive build-up of forex reserves, as their levels were deemed too low and susceptible to the whims of the market credit bubbles and busts. This build-up has major implications for today's developed world economy, by setting aside so much cash that was piled into US and European debt, investment had been
1199:
532:
519:
391:
657:. Hence, in the long term, the monetary policy has to be adjusted in order to be compatible with that of the country of the base currency. Without that, the country will experience outflows or inflows of capital. Fixed pegs were usually used as a form of monetary policy, since attaching the domestic currency to a currency of a country with lower levels of inflation should usually assure convergence of prices.
2678:
1870:
689:, target bands or similar variations) may require the use of foreign exchange operations to maintain the targeted exchange rate within the prescribed limits, such as fixed exchange rate regimes. As seen above, there is an intimate relation between exchange rate policy (and hence reserves accumulation) and monetary policy. Foreign exchange operations can be
790:, broad money to short-term external debt, and short-term external debt to short-term external debt on residual maturity basis plus current account deficit. Therefore, countries with similar characteristics accumulate reserves to avoid negative assessment by the financial market, especially when compared to members of a
873:(WTO) in 1995, the regulation of trade is a major concern for most countries throughout the world. Hence, commercial distortions such as subsidies and taxes are strongly discouraged. However, there is no global framework to regulate financial flows. As an example of regional framework, members of the
700:
and monetary policy. For example, to maintain the same exchange rate if there is increased demand, the central bank can issue more of the domestic currency and purchase foreign currency, which will increase the sum of foreign reserves. Since (if there is no sterilization) the domestic money supply is
1031:
Official international reserves, the means of official international payments, formerly consisted only of gold, and occasionally silver. But under the
Bretton Woods system, the US dollar functioned as a reserve currency, so it too became part of a nation's official international reserve assets. From
806:
for potential times of crises, especially balance of payments crises. Original fears were related to the current account, but this gradually changed to also include financial account needs. Furthermore, the creation of the IMF was viewed as a response to the need of countries to accumulate reserves.
856:
that states a country should hold liquid reserves equal to their foreign liabilities coming due within a year. For example, international wholesale financing relied more on Korean banks in the aftermath of the 2008 crisis, when the Korean Won depreciated strongly, because the Korean banks' ratio of
348:
are also considered reserve assets. Often, for convenience, the cash or securities are retained by the central bank of the reserve or other currency and the "holdings" of the foreign country are tagged or otherwise identified as belonging to the other country without them actually leaving the vault
926:
schemes. Thus, reserves accumulation would correspond to a loan to foreigners to purchase a quantity of tradable goods from the economy. In this case, the real exchange rate would depreciate and the growth rate would increase. In some cases, this could improve welfare, since the higher growth rate
673:
was a strong advocate of flexible exchange rates, since he considered that independent monetary (and in some cases fiscal) policy and openness of the capital account are more valuable than a fixed exchange rate. Also, he valued the role of exchange rate as a price. As a matter of fact, he believed
757:
in the early 1970s, many countries adopted flexible exchange rates. In theory reserves are not needed under this type of exchange rate arrangement; thus the expected trend should be a decline in foreign exchange reserves. However, the opposite happened and foreign reserves present a strong upward
1088:
in an arms race which ended with the latter's bankruptcy, and at the same time, turned Japan into the world's largest creditor and the US the largest debtor, as well as swelled Japan's domestic debt (Japan sold its own currency to fund the buildup of dollar based assets). By end of 1980, foreign
964:. However, this may be less than the reduction in purchasing power of that currency over the same period of time due to inflation, effectively resulting in a negative return known as the "quasi-fiscal cost". In addition, large currency reserves could have been invested in higher yielding assets.
352:
Normally, interest is not paid on foreign cash reserves, nor on gold holdings, but the central bank usually earns interest on government securities. The central bank may, however, profit from a depreciation of the foreign currency or incur a loss on its appreciation. The central bank also incurs
652:
would tend to push the value of the currency lower or higher (an increase in demand for the currency would tend to push its value higher, and a decrease lower) and thus the central bank would have to use reserves to maintain its fixed exchange rate. Under perfect capital mobility, the change in
967:
Several calculations have been attempted to measure the cost of reserves. The traditional one is the spread between government debt and the yield on reserves. The caveat is that higher reserves can decrease the perception of risk and thus the government bond interest rate, so this measures can
664:
regime, the central bank does not intervene in the exchange rate dynamics; hence the exchange rate is determined by the market. Theoretically, in this case reserves are not necessary. Other instruments of monetary policy are generally used, such as interest rates in the context of an
506:. There is no counterpart for reserve assets in liabilities of the International Investment Position. Usually, when the monetary authority of a country has some kind of liability, this will be included in other categories, such as Other Investments. On a central bank's
831:). Reserve accumulation was faster than that which would be explained by trade, since the ratio has increased to several months of imports. Furthermore, the ratio of reserves to foreign trade is closely watched by credit risk agencies in months of imports.
1133:
between various components of the balance of payments and the probability of tail events. The higher the ratio of reserves to the developed metric, the lower is the risk of a crisis and the drop in consumption during a crisis. Besides that, the Fund does
885:
trade balance and reserve accumulation during the first decade of the 2000 was one of the main reasons for the interest in this topic. Some economists are trying to explain this behavior. Usually, the explanation is based on a sophisticated variation of
959:
decreases constantly due to devaluation through inflation. Therefore, a central bank must continually increase the amount of its reserves to maintain the same power to manage exchange rates. Reserves of foreign currency may provide a small return in
827:, maintain reserves to ensure no interruption. A rule usually followed by central banks is to hold in reserve at least three months of imports. Also, an increase in reserves occurred when commercial openness increased (part of the process known as
724:
instruments (in some countries
Central Banks are not allowed to emit debt by themselves). In practice, few central banks or currency regimes operate on such a simplistic level, and numerous other factors (domestic demand, production and
732:
As a consequence, even those central banks that strictly limit foreign exchange interventions often recognize that currency markets can be volatile and may intervene to counter disruptive short-term movements (that may include
1953:
1128:
The IMF proposed a new metric to assess reserves adequacy in 2011. The metric was based on the careful analysis of sources of outflow during crisis. Those liquidity needs are calculated taking in consideration the
729:, imports and exports, relative prices of goods and services, etc.) will affect the eventual outcome. Besides that, the hypothesis that the world economy operates under perfect capital mobility is clearly flawed.
851:
became more important. Usually financial flows are more volatile that enforce the necessity of higher reserves. Moreover, holding reserves, as a consequence of the increasing of financial flows, is known as
1035:
Central banks throughout the world have sometimes cooperated in buying and selling official international reserves to attempt to influence exchange rates and avert financial crisis. For example, in the
701:
increasing (money is being 'printed'), this may provoke domestic inflation. Also, some central banks may let the exchange rate appreciate to control inflation, usually by the channel of cheapening
1892:
782:
agencies and international organizations use ratios of reserves to other external sector variables to assess a country's external vulnerability. For example, Article IV of 2013 uses total
1176:
ECN is a unique electronic communication network that links different participants of the Forex market: banks, centralized exchanges, other brokers and companies and private investors.
1141:
Reserves that are above the adequacy ratio can be used in other government funds invested in more risky assets such as sovereign wealth funds or as insurance to time of crisis, such as
737:). Thus, intervention does not mean that they are defending a specific exchange rate level. Hence, the higher the reserves, the higher is the capacity of the central bank to smooth the
716:
could be the result. For a currency in very high and rising demand, foreign exchange reserves can theoretically be continuously accumulated, if the intervention is sterilized through
1524:
2001:
927:
would compensate the loss of the tradable goods that could be consumed or invested. In this context, foreigners have the role to choose only the useful tradable goods sectors.
939:
for lack of better alternatives. With these resources, the government buys foreign assets. Thus, the government coordinates the savings accumulation in the form of reserves.
898:
to show that it is possible to replicate a tariff on imports or a subsidy on exports by closing the capital account and accumulating reserves. Another is more related to the
1996:
1104:
with other institutions. Developed countries authorities adopted extra expansionary monetary and fiscal policies, which led to the appreciation of currencies of some
894:
sector of an economy, by avoiding the real exchange rate appreciation that would naturally arise from this process. One attempt uses a standard model of open economy
2623:
2050:
Eichengreen, Barry. Exorbitant
Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System. Oxford University Press, USA, 2011.
478:, and may be labeled as reserve assets under assets by functional category. In terms of financial assets classifications, reserve assets can be classified as
943:
are examples of governments that try to save the windfall of booming exports as long-term assets to be used when the source of the windfall is extinguished.
482:, unallocated gold accounts, special drawing rights, currency, reserve position in the IMF, interbank position, other transferable deposits, other deposits,
2493:
1068:, central banks had rather meager reserves (by today's standards) and were therefore subject to the whims of the market, of which there was accusations of
613:
Reserves assets allow a central bank to purchase the domestic currency, which is considered a liability for the central bank (since it prints the money or
2485:
2440:
1617:
2203:
1165:
would be second after China. Apart from high foreign exchange reserves, Singapore also has significant government and sovereign wealth funds including
935:
Reserve accumulation can be seen as a way of "forced savings". The government, by closing the financial account, would force the private sector to buy
305:
of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets. Reserves are held in one or more
1967:
2508:
2461:
2409:
2393:
1232:
2573:
2498:
1774:
1398:
2598:
1185:
2075:
1000:
The modern exchange market as tied to the prices of gold began during 1880. Of this year the countries significant by size of reserves were
1288:
1072:
manipulation, however Japan was the exception. In the case of Japan, forex reserves began their ascent a decade earlier, shortly after the
2038:
1521:
1369:
914:, higher competition, technological spillovers and increasing returns to scale). The government could improve the equilibrium by imposing
2603:
2388:
1321:
674:
that sometimes it could be less painful and thus desirable to adjust only one price (the exchange rate) than the whole set of prices of
2608:
1751:
1688:
1468:
549:
408:
257:
1555:
696:
Non-sterilization will cause an expansion or contraction in the amount of domestic currency in circulation, and hence directly affect
588:, to ensure that the central bank has control over adequate foreign assets to meet national objectives. These objectives may include:
2618:
1443:
1807:
2588:
2583:
2563:
2553:
2548:
2471:
653:
reserves is a temporary measure, since the fixed exchange rate attaches the domestic monetary policy to that of the country of the
1359:"Compositional Analysis Of Foreign Currency Reserves In The 1999–2007 Period. The Euro Vs. The Dollar As Leading Reserve Currency"
2017:
Compositional
Analysis Of Foreign Currency Reserves In The 1999–2007 Period. The Euro Vs. The Dollar As Leading Reserve Currency
2628:
2503:
2383:
1500:
866:
786:
to gross international reserves, gross international reserves in months of prospective goods and nonfactor services imports to
1482:
Bastourre, Diego, Jorge
Carrera, and Javier Ibarlucia. "What is driving reserve accumulation? A dynamic panel data approach."
2712:
2523:
2148:
2123:
979:, so it usually appreciates during market's stress. In the aftermath of the 2008 crisis and during the initial stages of the
902:
literature. The argument is that the tradable sector of an economy is more capital intense than the non-tradable sector. The
595:
limiting external vulnerability to shocks during times of crisis or when access to borrowing is curtailed, and in doing so -
2681:
2643:
2633:
2543:
1642:
2558:
2538:
2528:
2518:
2362:
1726:
1840:
2707:
2648:
2638:
2533:
2039:
Lawrence H. Summers: Reflections on global account imbalances and emerging markets reserve accumulation – 24 March 2006
1227:
1222:
1592:
Korinek, Anton, and Luis Serven. "Undervaluation through foreign reserve accumulation: static losses, dynamic gains."
2717:
2613:
2568:
2225:
2128:
2068:
1918:
571:
430:
2702:
2593:
815:
lines with several countries, alleviating liquidity pressures in dollars, thus reducing the need to use reserves.
708:
Since the amount of foreign reserves available to defend a weak currency (a currency in low demand) is limited, a
1154:
1081:
1025:
118:
17:
1112:
led to policies aiming to prevent inflows of capital and more accumulation of reserves. This pattern was called
906:
invests too little in capital, since it fails to understand the social gains of a higher capital ratio given by
720:
to prevent inflation from rising. On the other hand, this is costly, since the sterilization is usually done by
2466:
1676:
1653:
1242:
1162:
1138:
of several factors listed above and finds those reserves ratios are generally adequate among emerging markets.
922:, but the hypothesis is that the government is unable to distinguish between good investment opportunities and
553:
412:
250:
1606:
1100:
By 2007, the world had experienced yet another financial crisis, this time the US Federal
Reserve organized
1094:
2722:
2671:
2419:
2061:
1964:
857:
short-term external debt to reserves was close to 100%, which exacerbated the perception of vulnerability.
2578:
2352:
2230:
2198:
1170:
1101:
1065:
853:
460:
1986:
1665:
1080:. This effectively granted the United States a massive loan as they were almost exclusively invested in
377:
357:
from holding the reserve assets (especially cash holdings) and from their storage, security costs, etc.
2218:
1766:
1345:
762:(GDP) and imports in many countries. The only ratio that is relatively stable is foreign reserves over
638:
298:
72:
2006:
1937:
1497:"Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development: Communiqué"
1981:
1943:
1940:
1394:
895:
844:
690:
625:, but this dynamic should be analyzed generally in the context of the level of capital mobility, the
592:
supporting and maintaining confidence in the national monetary and exchange rate management policies,
349:
of that central bank. From time to time they may be physically moved to the home or another country.
243:
62:
522:
Currency composition of official foreign exchange reserves (2000-2019), in trillions of U.S. dollars
2213:
1900:
1896:
1888:
1880:
1090:
870:
180:
1311:"International Monetary Fund (IMF). Balance of payments manual. International Monetary Fund, 2010"
693:(have their effect on the money supply negated via other financial transactions) or unsterilized.
644:
A central bank which chooses to implement a fixed exchange rate policy may face a situation where
2414:
2302:
1237:
1109:
542:
401:
164:
149:
108:
2011:
1284:
2456:
1262:
1117:
1017:
1009:
865:
Reserve accumulation can be an instrument to interfere with the exchange rate. Since the first
759:
661:
456:
345:
226:
77:
2016:
1976:
1358:
1093:, the developed world economy had effectively slowed to a crawl, giving birth to contemporary
604:
assisting the government to meet its foreign exchange needs and external debt obligations, and
2337:
2297:
2255:
2118:
1310:
940:
742:
717:
370:
231:
185:
154:
67:
2317:
2235:
1946:
1544:
1158:
980:
848:
754:
738:
686:
621:). Thus, the quantity of foreign exchange reserves can change as a central bank implements
495:
310:
87:
82:
57:
1436:
955:
result in gains and losses in the value of reserves. In addition, the purchasing power of
8:
2357:
2153:
2103:
2084:
1796:
1212:
972:
840:
824:
666:
475:
302:
2435:
2098:
1142:
734:
645:
634:
483:
92:
2029:
Y V Reddy: India's foreign exchange reserves – policy, status and issues – 10 May 2002
2280:
1745:
1672:
1649:
1462:
2007:
Are changes in foreign exchange reserves well correlated with official intervention?
1579:
Jeanne, Olivier. "Capital
Account Policies and the Real Exchange Rate." No. w18404.
1496:
1263:"IMF Data - Currency Composition of Official Foreign Exchange Reserve - At a Glance"
2208:
2108:
1977:
An empirical analysis of foreign exchange reserves in emerging Asia – December 2005
1689:"Bordo, Michael D. International Rescues versus Bailouts: A Historical Perspective"
1166:
503:
499:
354:
306:
211:
144:
113:
2034:
Marion
Williams: foreign exchange reserves – how much is enough? – 2 November 2005
2327:
2260:
2250:
2113:
1991:
1971:
1528:
1105:
1041:
1001:
899:
878:
808:
721:
709:
670:
622:
471:
329:
325:
139:
365:
2653:
2178:
1045:
903:
874:
443:
Foreign exchange reserves are also known as reserve assets and include foreign
333:
1997:
Are high foreign exchange reserves in emerging markets a blessing or a burden?
1719:
2696:
2313:
2265:
2168:
2143:
1049:
1037:
1021:
976:
952:
936:
911:
828:
812:
783:
654:
626:
507:
467:
448:
337:
221:
216:
195:
159:
52:
47:
1987:
Foreign exchange reserves in east asia: why the high demand? – 25 April 2003
1832:
290:
2513:
2308:
1204:
1135:
1113:
1085:
1077:
1073:
1053:
923:
887:
763:
726:
452:
294:
286:
190:
843:
has been important during the last decade. Hence, financial flows such as
2158:
2033:
2028:
1130:
984:
907:
891:
787:
779:
713:
702:
1643:
Money, Capital Mobility, and Trade: Essays in Honor of Robert A. Mundell
951:
There are costs in maintaining large currency reserves. Fluctuations in
584:
Typically, one of the critical functions of a country's central bank is
2292:
2288:
2270:
2245:
2133:
1395:"Quotes from "The Case for Flexible Exchange Rates" by Milton Friedman"
956:
791:
614:
556: in this section. Unsourced material may be challenged and removed.
415: in this section. Unsourced material may be challenged and removed.
2053:
1116:
by an exasperated Brazilian authority, and again in 2016 followed the
607:
maintaining a reserve for potential national disasters or emergencies.
2240:
2173:
1150:
1069:
697:
975:, the central bank of Switzerland. The Swiss franc is regarded as a
531:
510:, foreign exchange reserves are assets, along with domestic credit.
451:, and short and long-term foreign government securities, as well as
390:
2367:
1899:
external links, and converting useful links where appropriate into
961:
630:
479:
466:
In a central bank's accounts, foreign exchange reserves are called
444:
321:
134:
1833:"Sovereign Wealth Fund Rankings - Sovereign Wealth Fund Institute"
518:
2321:
1179:
1076:
in 1985, and were primarily used as a tool to weaken the surging
1013:
1005:
915:
803:
637:. Hence, in a world of perfect capital mobility, a country with
2163:
1217:
1146:
919:
649:
1958:
1422:
Rodrik, Dani. "The social cost of foreign exchange reserves."
882:
675:
641:
would not be able to execute an independent monetary policy.
491:
1797:"Assessing Reserve Adequacy, IMF Policy Paper July 14, 2011"
494:(listed and unlisted), investment fund shares and financial
1767:"Mexico warns of China triggering 'perverse' currency wars"
1594:
World Bank Policy Research Working Paper Series, Vol (2010)
679:
487:
341:
314:
282:
618:
1982:
Foreign exchange reserves: issues in asia – January 2005
881:, except in an extraordinary situation. The dynamics of
1120:, Mexico had warned China of triggering currency wars.
774:
766:. Below are some theories that can explain this trend.
1108:. The resistance to appreciation and the fear of lost
381:
Foreign exchange reserves minus external debt in 2011
2012:
Foreign exchange reserves buildup: business as usual
1194:
27:
Money held by a central bank to pay debts, if needed
2441:
Cooperation Council for the Arab States of the Gulf
1607:"Annual result of the Swiss National Bank for 2010"
1938:Guidelines for foreign exchange reserve management
1545:"Republic of Korea: 2009 Article IV Consultation—"
1346:GUIDELINES FOR FOREIGN EXCHANGE RESERVE MANAGEMENT
340:. Some countries hold a part of their reserves in
2462:Economic and Monetary Community of Central Africa
1992:Optimal currency shares in international reserves
1883:may not follow Knowledge's policies or guidelines
2694:
2410:Customs Union of Belarus, Kazakhstan, and Russia
2394:South Asian Association for Regional Cooperation
1348:by the Staff of the International Monetary Fund
1233:International Reserves of the Russian Federation
995:
601:demonstrating backing for the domestic currency,
1123:
1522:Proposal for a new IMF role: SWF manager | vox
1186:List of countries by foreign-exchange reserves
1180:List of countries by foreign-exchange reserves
320:Foreign exchange reserves assets can comprise
2069:
251:
930:
2389:Regional Comprehensive Economic Partnership
660:In a pure flexible exchange rate regime or
629:regime and other factors. This is known as
598:providing a level of confidence to markets,
2076:
2062:
1169:(last valued at US$ 375 billion) and
1044:borrowed GBP 2 million from the
839:The opening of a financial account of the
258:
244:
2002:The adequacy of foreign exchange reserves
1919:Learn how and when to remove this message
1059:
890:, such as to protect the take-off in the
572:Learn how and when to remove this message
431:Learn how and when to remove this message
2472:West African Economic and Monetary Union
1418:
1416:
869:(GATT) of 1948 to the foundation of the
682:of the economy, that are less flexible.
517:
376:
364:
2083:
1668:John Wiley & Sons, 22 November 2011
1173:(last valued at US$ 440 billion).
860:
797:
748:
14:
2695:
2384:Association of Southeast Asian Nations
2204:UN Conference on Trade and Development
1764:
1750:: CS1 maint: archived copy as title (
1714:
1712:
1561:from the original on 24 September 2015
1467:: CS1 maint: archived copy as title (
1157:would rank higher on these lists, and
1084:, which assisted the US to engage the
867:General Agreement on Tariffs and Trade
741:of the Balance of Payments and assure
2149:Import substitution industrialization
2057:
1449:from the original on 8 September 2013
1413:
834:
2677:
2403:Europe, Central Asia, and North Asia
1863:
1641:GA Calvo, R Dornbusch, M Obstfeld -
1581:National Bureau of Economic Research
1473:Colombia2013 Article IV Consultation
1375:from the original on 10 October 2017
1064:Historically, especially before the
775:Signaling or vulnerability indicator
554:adding citations to reliable sources
525:
413:adding citations to reliable sources
384:
2363:Central American Integration System
1732:from the original on 6 October 2016
1709:
1291:from the original on 8 October 2014
971:A case to point out is that of the
24:
1623:from the original on 12 April 2018
1503:from the original on 16 March 2015
1327:from the original on 11 April 2018
1255:
1228:Foreign-exchange reserves of India
1223:Foreign-exchange reserves of China
25:
2734:
2226:International Chamber of Commerce
2129:Export-oriented industrialization
1859:
1843:from the original on 21 June 2015
1813:from the original on 22 July 2017
1484:Review of International Economics
818:
447:, foreign bank deposits, foreign
332:of the reserve currency, such as
285:and other reserve assets such as
2676:
2667:
2666:
1868:
1777:from the original on 15 May 2016
1401:from the original on 29 May 2015
1197:
877:are prohibited from introducing
530:
389:
301:that are primarily available to
1959:International Business Times AU
1837:Sovereign Wealth Fund Institute
1825:
1789:
1765:Webber, Jude (7 January 2016).
1758:
1681:
1658:
1635:
1599:
1586:
1573:
1537:
1515:
1489:
1161:' estimated $ 627 billion
1056:in the post gold-standard era.
758:trend. Reserves grew more than
541:needs additional citations for
400:needs additional citations for
119:Retail foreign exchange trading
2467:Southern African Customs Union
1476:
1429:
1424:International Economic Journal
1387:
1351:
1339:
1303:
1277:
1243:Global assets under management
1163:Abu Dhabi Investment Authority
13:
1:
1965:A primer on exchange reserves
1265:. International Monetary Fund
1248:
996:Origins and Gold Standard Era
685:Mixed exchange rate regimes (
360:
2713:International macroeconomics
2624:Telecommunications equipment
2429:Middle East and North Africa
2420:European Union Customs Union
1124:Adequacy and excess reserves
1102:central bank liquidity swaps
1048:. The same was true for the
369:Reserves of SDRs, forex and
7:
2353:Andean Community of Nations
2231:Bilateral investment treaty
2199:International Monetary Fund
2022:
1931:
1670:Retrieved 27 July 2102.
1647:Retrieved 27 July 2012.
1533:Retrieved 18 July 2013.
1190:
1066:1997 Asian financial crisis
1040:(the "Panic of 1890"), the
769:
461:International Monetary Fund
313:and to a lesser extent the
10:
2739:
2219:International Trade Centre
1183:
1145:. If those were included,
990:
513:
2708:Foreign exchange reserves
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2494:Aircraft & Spacecraft
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2187:
2139:Foreign exchange reserves
2091:
1954:What is Foreign Exchange?
1666:A Foreign Exchange Primer
931:Intergenerational savings
896:intertemporal consumption
463:(IMF) reserve positions.
271:Foreign exchange reserves
63:Exchange-rate flexibility
2718:Macroeconomic indicators
2214:World Trade Organization
2044:
1645:MIT Press, 1 March 2004
946:
871:World Trade Organization
181:Bretton Woods Conference
2703:Foreign exchange market
2415:Eurasian Economic Union
2303:Repeal of the Corn Laws
1941:Accompanying Document 1
1527:6 November 2014 at the
1238:Foreign exchange market
1095:negative interest rates
854:Guidotti–Greenspan rule
165:Foreign exchange option
150:Non-deliverable forward
109:Foreign exchange market
2457:East African Community
2338:Regional organizations
1060:Post Gold Standard Era
1018:Grand Duchy of Finland
1010:Canadian Confederation
941:Sovereign wealth funds
910:(like improvements in
823:Countries engaging in
760:gross domestic product
718:open market operations
662:floating exchange rate
523:
457:special drawing rights
382:
374:
346:special drawing rights
309:, nowadays mostly the
227:Foreign exchange fraud
78:Floating exchange rate
2298:The Wealth of Nations
2256:Special economic zone
2119:Comparative advantage
1970:26 March 2009 at the
1486:17.4 (2009): 861–877.
1426:20.3 (2006): 253-266.
802:Reserves are used as
753:After the end of the
743:consumption smoothing
521:
380:
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330:government securities
232:Currency intervention
186:Smithsonian Agreement
173:Historical agreements
155:Foreign exchange swap
2318:Economic nationalism
2236:Economic integration
1889:improve this article
1159:United Arab Emirates
1136:econometric analysis
1118:commodities collapse
861:Exchange rate policy
849:portfolio investment
798:Precautionary aspect
755:Bretton Woods system
749:Reserve accumulation
550:improve this article
409:improve this article
311:United States dollar
88:Managed float regime
83:Linked exchange rate
58:Exchange rate regime
2723:Government finances
2574:Integrated circuits
2358:Caribbean Community
2154:Net capital outflow
2104:Balance of payments
2085:International trade
1961:on 11 February 2011
1957:" published by the
1901:footnote references
1213:Balance of payments
1155:Persian Gulf States
1143:stabilization funds
977:safe haven currency
973:Swiss National Bank
841:balance of payments
825:international trade
735:speculative attacks
667:inflation targeting
639:fixed exchange rate
476:balance of payments
73:Fixed exchange rate
2486:Exports by product
2436:Arab Customs Union
2099:Absolute advantage
835:Financial openness
745:in the long term.
635:impossible trinity
586:reserve management
524:
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307:reserve currencies
299:monetary authority
93:Dual exchange rate
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714:devaluation
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