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ESZB-Devisenbestand - quo vadis?

  • Wollmershäuser, Timo

In diesem Beitrag wird die Entwicklung des Bestandes an Devisenreserven des Eurosystems im Verlauf des Jahres 1999 untersucht. Um mit dem zur Verfügung stehenden Datenmaterial eine sinnvolle Analyse durchführen zu können, muss der von der EZB in Euro ausgewiesene Bestand unter Berücksichtigung von Bewertungs- und Bilanzierungsvorschriften in seine ursprünglichen Komponenten (Dollar- und Yen-Reserven) zurückgeführt werden. Bei dieser herkömmlichen Vorgehensweise stellt sich heraus, dass ein beträchtlicher Fehlbetrag beim Ausweis der EZB zu verzeichnen ist. Dieses Ergebnis erlaubt nach eingehender Analyse zwei unterschiedliche Schlussfolgerungen: Entweder hat das ESZB entgegen offizieller Verlautbarungen doch am Devisenmarkt zugunsten des Euro interveniert, oder es handelt sich um andere Transaktionen des ESZB, deren Hintergründe und Abläufe der Öffentlichkeit mangels ausreichender Kommunikation vorenthalten wurden.

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Paper provided by University of Würzburg, Chair for Monetary Policy and International Economics in its series W.E.P. - Würzburg Economic Papers with number 16.

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Date of creation: 2000
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Handle: RePEc:zbw:wuewep:16
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