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Determinants Of Foreign Exchange Reserves In Serbia And North Macedonia

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  • Mile Bošnjak
  • Vlatka Bilas
  • Gordana Kordić

Abstract

This paper employs a quan-tile regression approach to explore the determinants and properties of interna-tional foreign exchange reserves in Serbia and North Macedonia, at various foreign exchange levels. The observed period cov-ers quarterly data for 2005q1–2019q1. The results reveal quantile-dependent de-terminants of foreign exchange reserves and enable comparison between the two countries, showing co-movements between monetary policy and economic fluctua-tions. Following the estimates obtained in this research, the paper compares the role of foreign exchange reserves in Serbia and North Macedonia.

Suggested Citation

  • Mile Bošnjak & Vlatka Bilas & Gordana Kordić, 2020. "Determinants Of Foreign Exchange Reserves In Serbia And North Macedonia," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 65(226), pages 103-120, July – Se.
    • Handle: RePEc:beo:journl:v:65:y:2020:i:226:p:103-120
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    Cited by:

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    2. Victoria Manuel & Daisy Mbazima-Lando & Erwin Naimhwaka, 2023. "Effects of Government Expenditure on Foreign Exchange Reserves: Evidence for Namibia," International Journal of Economics and Financial Issues, Econjournals, vol. 13(1), pages 172-183, January.

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    More about this item

    Keywords

    international foreign ex-change reserves; quantile regression; for-eign exchange rate; GDP; monetary aggre-gates;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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