IDEAS home Printed from https://ideas.repec.org/a/nbp/nbpbik/v54y2023i3p259-284.html
   My bibliography  Save this article

Wzrost znaczenia złota w rezerwach dewizowych banków centralnych gospodarek wschodzących

Author

Listed:
  • Paweł Kowalewski

    (Narodowy Bank Polski, Departament Operacji Krajowych)

  • Dominik Skopiec

    (Szkoła Główna Handlowa w Warszawie, Kolegium Gospodarki Światowej, Katedra Finansów Międzynarodowych)

Abstract

Celem artykułu jest przeanalizowanie czynników, które spowodowały zwiększenie popytu na złoto ze strony banków centralnych gospodarek wschodzących, a także skali wzrostu i wykorzystania złota w rezerwach dewizowych tych banków. Ponadto analizie poddano obszary i przypadki wykorzystania złota przez gospodarki wschodzące oraz przedstawiono determinanty przyszłej roli tego kruszcu. Szczególną uwagę poświęcono tym gospodarkom wschodzącym, w których przyrost rezerw złota w badanym okresie był największy. Tezą artykułu jest twierdzenie, że wzrost udziału złota w rezerwach dewizowych banków centralnych gospodarek wschodzących wynikał zarówno z dysfunkcjonalności współczesnego międzynarodowego systemu walutowego, jak i z unikalnych cech złota jako rodzaju aktywów rezerwowych, a także coraz bardziej wiązał się ze wzrostem znaczenia czynników geopolitycznych.

Suggested Citation

  • Paweł Kowalewski & Dominik Skopiec, 2023. "Wzrost znaczenia złota w rezerwach dewizowych banków centralnych gospodarek wschodzących," Bank i Kredyt, Narodowy Bank Polski, vol. 54(3), pages 259-284.
    • Handle: RePEc:nbp:nbpbik:v:54:y:2023:i:3:p:259-284
    as

    Download full text from publisher

    File URL: https://bankikredyt.nbp.pl/content/2023/03/bik_03_2023_02.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Daniel McDowell, 2021. "Financial sanctions and political risk in the international currency system," Review of International Political Economy, Taylor & Francis Journals, vol. 28(3), pages 635-661, May.
    2. Białkowski, Jędrzej & Bohl, Martin T. & Stephan, Patrick M. & Wisniewski, Tomasz P., 2015. "The gold price in times of crisis," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 329-339.
    3. Liu,Zongyuan Zoe & Papa,Mihaela, 2022. "Can BRICS De-dollarize the Global Financial System?," Cambridge Books, Cambridge University Press, number 9781009014625.
    4. Adam Banai & Pal Peter Kolozsi & Sandor Ladanyi, 2021. "The Role of Gold in the Digital Age," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 20(3), pages 138-146..
    5. Gomis-Porqueras, Pedro & Shi, Shuping & Tan, David, 2022. "Gold as a financial instrument," Journal of Commodity Markets, Elsevier, vol. 27(C).
    6. Kevin Dowd & Martin Hutchinson & Gordon Kerr, 2012. "The Coming Fiat Money Cataclysm and the Case for Gold," Cato Journal, Cato Journal, Cato Institute, vol. 32(2), pages 363-388, Spring/Su.
    7. Omar Zulaica, 2020. "What share for gold? On the interaction of gold and foreign exchange reserve returns," BIS Working Papers 906, Bank for International Settlements.
    8. Michael D. Bordo & Robert N. McCauley, 2019. "Triffin: Dilemma or Myth?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(4), pages 824-851, December.
    9. Klein, Tony & Pham Thu, Hien & Walther, Thomas, 2018. "Bitcoin is not the New Gold – A comparison of volatility, correlation, and portfolio performance," International Review of Financial Analysis, Elsevier, vol. 59(C), pages 105-116.
    10. Balagopal Gopalakrishnan & Sanket Mohapatra, 2018. "Global risk and demand for gold by central banks," Applied Economics Letters, Taylor & Francis Journals, vol. 25(12), pages 835-839, July.
    11. Beata Berlowska & Boguslawa Bezzubik & Magdalena Zaczek, 2019. "Reserves accumulation and diversification: the case of Poland," BIS Papers chapters, in: Bank for International Settlements (ed.), Reserve management and FX intervention, volume 104, pages 221-232, Bank for International Settlements.
    12. Eswar S. Prasad, 2015. "The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance," Economics Books, Princeton University Press, edition 1, volume 1, number 10182-2.
    13. Joscha Beckmann & Theo Berger & Robert Czudaj, 2019. "Gold price dynamics and the role of uncertainty," Quantitative Finance, Taylor & Francis Journals, vol. 19(4), pages 663-681, April.
    14. Daniel W. Drezner, 2015. "Targeted Sanctions in a World of Global Finance," International Interactions, Taylor & Francis Journals, vol. 41(4), pages 755-764, August.
    15. Giovanni Battista Pittaluga & Elena Seghezza, 2021. "Building Trust in the International Monetary System," Frontiers in Economic History, Springer, number 978-3-030-78491-1, Fall.
    16. Peter Bernholz, 2002. "Advantages and Disadvantages of the Holding of Gold Reserves by Central Banks - With Special Reference to the Swiss National Bank," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 138(II), pages 99-113, June.
    17. Dariusz Eligiusz Staszczak, 2015. "Global instability of currencies: reasons and perspectives according to the State-corporation hegemonic stability theory," Brazilian Journal of Political Economy, Center of Political Economy, vol. 35(1), pages 175-198.
    18. Colin Weiss, 2022. "Geopolitics and the U.S. Dollar's Future as a Reserve Currency," International Finance Discussion Papers 1359, Board of Governors of the Federal Reserve System (U.S.).
    19. Rathi, Sawan & Mohapatra, Sanket & Sahay, Arvind, 2022. "Central bank gold reserves and sovereign credit risk," Finance Research Letters, Elsevier, vol. 45(C).
    20. Eichengreen, Barry, 2012. "Exorbitant Privilege: The Rise and Fall of the Dollar," OUP Catalogue, Oxford University Press, number 9780199642472, Decembrie.
    21. Robert Barsky & Craig Epstein & Adrian Lafont-Mueller & Younggeun Yoo, 2021. "What drives gold prices?," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue 464, pages 1-6, November.
    22. Baur, Dirk G. & Smales, Lee A., 2020. "Hedging geopolitical risk with precious metals," Journal of Banking & Finance, Elsevier, vol. 117(C).
    23. Arslanalp, Serkan & Eichengreen, Barry & Simpson-Bell, Chima, 2022. "The stealth erosion of dollar dominance and the rise of nontraditional reserve currencies," Journal of International Economics, Elsevier, vol. 138(C).
    24. Claude B. Erb & Campbell R. Harvey, 2013. "The Golden Dilemma," NBER Working Papers 18706, National Bureau of Economic Research, Inc.
    25. Mr. Serkan Arslanalp & Mr. Barry J. Eichengreen & Chima Simpson-Bell, 2022. "The Stealth Erosion of Dollar Dominance: Active Diversifiers and the Rise of Nontraditional Reserve Currencies," IMF Working Papers 2022/058, International Monetary Fund.
    26. Michael D. Bordo & Barry Eichengreen, 1998. "The Rise and Fall of a Barbarous Relic: The Role of Gold in the International Monetary SYstem," NBER Working Papers 6436, National Bureau of Economic Research, Inc.
    27. José Antonio Ocampo, 2017. "Resetting the International Monetary (Non)System," Books, Red Investigadores de Economía, number 2017-11, May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Luca Fantacci & Lucio Gobbi & Dario Luciani, 2022. "Bene pubblico globale o arma finanziaria? L'egemonia del dollaro alla prova delle sanzioni (Global public good or financial weapon? Dollar hegemony to the test of sanctions)," Moneta e Credito, Economia civile, vol. 75(298), pages 123-147.
    2. Chiang, Thomas C., 2022. "The effects of economic uncertainty, geopolitical risk and pandemic upheaval on gold prices," Resources Policy, Elsevier, vol. 76(C).
    3. Qin, Meng & Su, Chi-Wei & Pirtea, Marilen Gabriel & Dumitrescu Peculea, Adelina, 2023. "The essential role of Russian geopolitics: A fresh perception into the gold market," Resources Policy, Elsevier, vol. 81(C).
    4. Ding, Qian & Huang, Jianbai & Gao, Wang & Zhang, Hongwei, 2022. "Does political risk matter for gold market fluctuations? A structural VAR analysis," Research in International Business and Finance, Elsevier, vol. 60(C).
    5. Vyacheslav Dodonov, 2022. "Gold as a Factor of Change in Central Bank Reserves in Periods of the Financial Markets Turbulence: the Case of Kazakhstan," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 11(2), pages 209-224.
    6. Kuehnlenz, Sophia & Orsi, Bianca & Kaltenbrunner, Annina, 2023. "Central bank digital currencies and the international payment system: The demise of the US dollar?," Research in International Business and Finance, Elsevier, vol. 64(C).
    7. Dibooglu, Sel & Cevik, Emrah I. & Gillman, Max, 2022. "Gold, silver, and the US dollar as harbingers of financial calm and distress," The Quarterly Review of Economics and Finance, Elsevier, vol. 86(C), pages 200-210.
    8. António Afonso & José Alves & Sofia Monteiro, 2023. "Beyond Borders: Assessing the Influence of Geopolitical Tensions on Sovereign Risk Dynamics," Working Papers REM 2023/0300, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    9. Eichengreen, Barry & Flandreau, Marc & Mehl, Arnaud & Chitu, Livia, 2017. "International Currencies Past, Present, and Future: Two Views from Economic History," OUP Catalogue, Oxford University Press, number 9780190659455, Decembrie.
    10. Monnet, Eric & Puy, Damien, 2020. "Do old habits die hard? Central banks and the Bretton Woods gold puzzle," Journal of International Economics, Elsevier, vol. 127(C).
    11. Li, Zheng-Zheng & Meng, Qin & Zhang, Linling & Lobont, Oana-Ramona & Shen, Yijuan, 2023. "How do rare earth prices respond to economic and geopolitical factors?," Resources Policy, Elsevier, vol. 85(PA).
    12. McCauley, Robert N., 2015. "Does the US dollar confer an exorbitant privilege?," Journal of International Money and Finance, Elsevier, vol. 57(C), pages 1-14.
    13. Iain Hardie & Sylvia Maxfield, 2016. "Atlas constrained: the US external balance sheet and international monetary power," Review of International Political Economy, Taylor & Francis Journals, vol. 23(4), pages 583-613, July.
    14. Tao Liu & Dong Lu & Liang Wang, 2023. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202305, University of Hawaii at Manoa, Department of Economics.
    15. He, Qing & Guo, Yongxiu & Yu, Jishuang, 2020. "Nonlinear dynamics of gold and the dollar," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
    16. Ethan Ilzetzki & Carmen M Reinhart & Kenneth S Rogoff, 2020. "Why is the euro punching below its weight?," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 35(103), pages 405-460.
    17. Bahaj, Saleem, 2020. "Jumpstarting an International Currency," CEPR Discussion Papers 14793, C.E.P.R. Discussion Papers.
    18. Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 859-893, August.
    19. He, Dong & Yu, Xiangrong, 2016. "Network effects in currency internationalisation: Insights from BIS triennial surveys and implications for the renminbi," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 203-229.
    20. Omar Zulaica, 2020. "What share for gold? On the interaction of gold and foreign exchange reserve returns," BIS Working Papers 906, Bank for International Settlements.

    More about this item

    Keywords

    bank centralny; rezerwy dewizowe; złoto; dolar; sankcje;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbp:nbpbik:v:54:y:2023:i:3:p:259-284. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wojciech Burjanek (email available below). General contact details of provider: https://edirc.repec.org/data/nbpgvpl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.