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Réserves de change : vers un nouveau normal ?

Author

Listed:
  • Camille Macaire
  • Alain Naef
  • Pierre-François Weber

Abstract

In response to the invasion of Ukraine, the assets of the Central Bank of Russian Federation have been frozen by the US, EU, UK, Canada, Japan, Australia and Switzerland. This is the first time in history that action involving all G7 members has been taken against a central bank of the G20. The reserve freeze highlights the impact of strategic alliances on a central bank?s ability to mobilize their reserves. This could be a catalyst for a trend already underway to diversify portfolio reserves, particularly into « non-traditional » currencies such as the Chinese yuan but also the Canadian dollar, Korean won and Swiss franc amongst others. By incorporating a more geopolitical dimension, reserve accumulation strategies could increase the risks of regionalization and fragmentation of the International Monetary System. JEL Classification: E42, E58, F33

Suggested Citation

  • Camille Macaire & Alain Naef & Pierre-François Weber, 2022. "Réserves de change : vers un nouveau normal ?," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 129-146.
    • Handle: RePEc:cai:refaef:ecofi_145_0129
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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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