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The accumulation of foreign reserves

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Author Info

  • Georges Pineau
  • Ettore Dorrucci

Abstract

In a number of countries, especially emerging market economies, the public sector has in recent years been accumulating sizeable cross-border financial assets, mainly in the form of official foreign exchange reserves. World reserves have risen from USD 1.2 trillion in January 1995 to above USD 4 trillion in September 2005, growing particularly rapidly since 2002. This paper investigates the features, drivers, risks and costs of such recent reserve accumulation, as well as the other uses that certain countries have been making of their accumulated foreign assets. The main trends in central bank reserve management are also reviewed. Finally, the paper provides some evidence for the impact of reserve accumulation on yields and asset prices. JEL Classification:

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Bibliographic Info

Paper provided by European Central Bank in its series Occasional Paper Series with number 43.

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Length: 76 pages
Date of creation: Mar 2006
Date of revision:
Handle: RePEc:ecb:ecbops:20060043

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Related research

Keywords: Foreign exchange reserves; exchange rates; emerging market economies.;

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Cited by:
  1. Javier Gómez Restrepo & Juan Sebastián Rojas Bohórquez, 2013. "Assessing Reserve Adequacy: The Colombian Case," Borradores de Economia, Banco de la Republica de Colombia 781, Banco de la Republica de Colombia.
  2. Min Zhang & Adam W. Kolkiewicz & Tony S. Wirjanto & Xindan Li, 2013. "The Impacts of Financial Crisis on Sovereign Credit Risk Analysis in Asia and Europe," Working Paper Series, The Rimini Centre for Economic Analysis 62_13, The Rimini Centre for Economic Analysis.
  3. Camilo González & Luisa F. Silva & Carmiña O. Vargas & Andrés M. Velasco, 2013. "An exploration on interbank markets and the operational framework of monetary policy in Colombia," Borradores de Economia, Banco de la Republica de Colombia 782, Banco de la Republica de Colombia.
  4. Javier Gómez Restrepo & Juan Sebastián Rojas Bohorquez, 2013. "Assessing Reserve Adequacy: The Colombian Case," BORRADORES DE ECONOMIA, BANCO DE LA REPÚBLICA 010981, BANCO DE LA REPÚBLICA.

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