Currency composition of foreign exchange reserves

被引:24
|
作者
Ito, Hiro [1 ]
McCauley, Robert N. [2 ]
机构
[1] Portland State Univ, Dept Econ, 1721 SW Broadway, Portland, OR 97201 USA
[2] BIS, Monetary & Econ Dept, Cent Bahnpl 2, CH-4002 Basel, Switzerland
关键词
International reserves; Safe asset; Currency zones; Trade invoicing; INTERNATIONAL RESERVES; EURO;
D O I
10.1016/j.jimonfin.2019.102104
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This paper analyses the factors that govern the choice of the currency composition of official foreign exchange reserves. First, we introduce a new panel dataset on the key currencies in foreign exchange reserves of about 60 economies in the 1999-2017 period. Second, we show that the currency composition of reserves relates strongly to the co-movement of the domestic currency with key currencies and the currency invoicing of trade. These factors represent attributes of the dollar or the euro rather than of the United States or the euro area. They exert about equal effects on the currency composition of foreign exchange reserves. We demonstrate that these findings are robust to a host of other possible factors. (C) 2019 Elsevier Ltd. All rights reserved.
引用
收藏
页数:21
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