Reserve accumulation: implications for global capital flows and financial markets
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.
Volume (Year): 10 (2004)
Issue (Month): Sep ()
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- 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).
- 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.
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