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Distinguishing global dollar reserves from official holdings in the United States

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Author Info
Robert McCauley

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Abstract

Official holdings of US dollar reserves are partly invested outside the United States. These offshore investments do not strictly speaking finance the US current account, but do support the US dollar. Offshore holdings grow fast when intervention is large.

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Publisher Info
Article provided by Bank for International Settlements in its journal BIS Quarterly Review.

Volume (Year): (2005)
Issue (Month): (September)
Pages:
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Handle: RePEc:bis:bisqtr:0509e

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Related research
Keywords:

Find related papers by JEL classification:
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
F31 - International Economics - - International Finance - - - Foreign Exchange
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F34 - International Economics - - International Finance - - - International Lending and Debt Problems
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

Cited by:
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  1. Edwin M. Truman & Anna Wong, 2006. "The Case for an International Reserve Diversification Standard," Peterson Institute Working Paper Series WP06-2, Peterson Institute for International Economics. [Downloadable!]
  2. Joshua Aizenman & Jaewoo Lee, 2006. "Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding," NBER Working Papers 12718, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Statistics
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This page was last updated on 2008-4-29.

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