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How central banks prepare for financial crises – An empirical analysis of the effects of crises and globalisation on international reserves

  • Steiner, Andreas

Central banks' international reserve holdings have increased significantly in the recent past. While traditional models fail to explain this accumulation of reserves, the more recent literature argues that reserves are used as a lifejacket against financial crises. However, research so far has neglected the question whether and how central banks change their precautionary reserve holdings after the country was affected by a financial crisis.

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Article provided by Elsevier in its journal Journal of International Money and Finance.

Volume (Year): 33 (2013)
Issue (Month): C ()
Pages: 208-234

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Handle: RePEc:eee:jimfin:v:33:y:2013:i:c:p:208-234
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