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Determinants of Holding International Reserves: Evidence from Meta-Regression Analysis


  • Mariia Chebanova
  • Olha Havrylyshyn
  • Anastasiya Ivanova
  • Vladyslav Shovkovyi

    () (Kyiv School of Economics)


Traditionally, gold and currency reserves are seen as one of the key elements in protecting the economy from external shocks and their accumulation is largely perceived as an insurance against the risk of these negative (in terms of the effect on the economy) shocks occurring. Optimization of reserves is of great economic importance, since their understatement worsens a country’s solvency on the world market and limits the regulatory capabilities of the state while the opposite situation leads to the freezing of a significant part of the national wealth for a long period, which means missing the potential of its possible investment (opportunity cost) Our study tries to systemize existing evidence on the main determinants of international reserves and ascertain the significance of their effect.

Suggested Citation

  • Mariia Chebanova & Olha Havrylyshyn & Anastasiya Ivanova & Vladyslav Shovkovyi, 2019. "Determinants of Holding International Reserves: Evidence from Meta-Regression Analysis," Modern Economic Studies, Kyiv School of Economics, vol. 2(1), pages 12-23.
  • Handle: RePEc:kse:modern:v:2:y:2019:i:1:p:12-23

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    References listed on IDEAS

    1. Aizenman, Joshua & Cheung, Yin-Wong & Ito, Hiro, 2015. "International reserves before and after the global crisis: Is there no end to hoarding?," Journal of International Money and Finance, Elsevier, vol. 52(C), pages 102-126.
    2. Joshua Aizenman & Jaewoo Lee, 2007. "International Reserves: Precautionary Versus Mercantilist Views, Theory and Evidence," Open Economies Review, Springer, vol. 18(2), pages 191-214, April.
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    More about this item


    international reserves; shocks; meta-regression analysis;

    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics


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