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The changing composition of official reserves

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  • Philip D Wooldridge
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    Abstract

    The way in which official reserves are managed is changing. Data compiled by the BIS on deposits placed by monetary authorities with commercial banks confirm that reserve managers approach diversification cautiously. Nevertheless, they have steadily shifted into higher-yielding, higher-risk instruments. The currency composition of reserve holdings is still highly concentrated in US dollars and euros, but the shares of some other currencies have changed significantly over time.

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    File URL: http://www.bis.org/publ/qtrpdf/r_qt0609e.pdf
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    File URL: http://www.bis.org/publ/qtrpdf/r_qt0609e.htm
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    Bibliographic Info

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

    Volume (Year): (2006)
    Issue (Month): (September)
    Pages:

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    Handle: RePEc:bis:bisqtr:0609e

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    1. Edwin M. Truman & Anna Wong, 2006. "The Case for an International Reserve Diversification Standard," Working Paper Series WP06-2, Peterson Institute for International Economics.
    2. Robert McCauley, 2005. "Distinguishing global dollar reserves from official holdings in the United States," BIS Quarterly Review, Bank for International Settlements, September.
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    Cited by:
    1. Aristovnik, Aleksander & Čeč, Tanja, 2010. "Compositional Analysis Of Foreign Currency Reserves In The 1999-2007 Period. The Euro Vs. The Dollar As Leading Reserve Currency," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 165-181, March.
    2. M S Mohanty & Philip Turner, 2006. "Foreign exchange reserve accumulation in emerging markets: what are the domestic implications?," BIS Quarterly Review, Bank for International Settlements, September.
    3. Anna Wong, 2007. "Measurement and Inference in International Reserve Diversification," Working Paper Series WP07-6, Peterson Institute for International Economics.
    4. Olivier Jeanne, 2007. "International Reserves in Emerging Market Countries: Too Much of a Good Thing?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 38(1), pages 1-80.
    5. Aideen Morahan & Christian B. Mulder, 2013. "Survey of Reserve Managers," IMF Working Papers 13/99, International Monetary Fund.
    6. Harold James & Michael Bordo, 2009. "Le dollar américain et son rôle dans l’ordre monétaire international," Revue d'Économie Financière, Programme National Persée, vol. 94(1), pages 171-186.

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