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Reserve accumulation: implications for global capital flows and financial markets

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Author Info

  • Matthew Higgins
  • Thomas Klitgaard

Abstract

Many central banks-particularly those in Japan and the emerging Asian nations-have been building up their holdings of foreign currency assets. These holdings, known as foreign exchange reserves, may help countries stabilize their currencies, but they can also lead to investment losses for the central banks. The large share of dollar assets among reserve holdings has made foreign central banks important players in U.S. financial markets.

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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

Volume (Year): 10 (2004)
Issue (Month): Sep ()
Pages:

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Handle: RePEc:fip:fednci:y:2004:i:sep:n:v.10no.10

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Related research

Keywords: Banks and banking; Central ; Bank reserves ; Banks and banking - Asia;

References

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  1. Matthew Higgins & Thomas Klitgaard, 1998. "Viewing the current account deficit as a capital inflow," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 4(Dec).
  2. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2004. "The revived Bretton Woods system," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 9(4), pages 307-313.
  3. Kenneth Kletzer & Mark Spiegel, 1996. "Speculative capital inflows and exchange rate targeting in the Pacific Basin," Pacific Basin Working Paper Series 96-05, Federal Reserve Bank of San Francisco.
  4. Dorothy Meadow Sobol, 1998. "Foreign ownership of U.S. Treasury securities: what the data show and do not show," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 4(May).
  5. Christian B. Mulder & Matthieu Bussière, 1999. "External Vulnerability in Emerging Market Economies," IMF Working Papers 99/88, International Monetary Fund.
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