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Novodobá pozice zlata v bilancích centrálních bank
[The Contemporary Role of Gold in Central Banks' Balance Sheets]

Author

Listed:
  • Iveta Polášková
  • Luboš Komárek

Abstract

The article focuses on the motives and trends in gold holdings by central banks in recent decades. It examines the correlation between the nominal and real price of gold and selected macroeconomic variables and financial assets over the financial and business cycles. In this context, it outlines gold investment opportunities for central banks and other investors. The paper also highlights differences in gold holdings between the central banks of advanced economies (including those with reserve currencies) and those of emerging market and developing economies. It concludes by presenting a rationale for the position of the Czech National Bank, which ranks among the modern central banks holding minimal amounts of reserve gold.

Suggested Citation

  • Iveta Polášková & Luboš Komárek, 2021. "Novodobá pozice zlata v bilancích centrálních bank [The Contemporary Role of Gold in Central Banks' Balance Sheets]," Politická ekonomie, Prague University of Economics and Business, vol. 2021(4), pages 413-434.
    • Handle: RePEc:prg:jnlpol:v:2021:y:2021:i:4:id:1325:p:413-434
    DOI: 10.18267/j.polek.1325
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    References listed on IDEAS

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    1. Emmanuel Farhi & Matteo Maggiori, 2018. "A Model of the International Monetary System," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(1), pages 295-355.
    2. Lawrence J. Christiano & Terry J. Fitzgerald, 2003. "The Band Pass Filter," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 435-465, May.
    3. Mathias Drehmann & Claudio Borio & Kostas Tsatsaronis, 2012. "Characterising the financial cycle: don't lose sight of the medium term!," BIS Working Papers 380, Bank for International Settlements.
    4. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39(2), pages 137-137.
    5. Dimitri Speck, 2013. "The Gold Cartel," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-28643-7, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Central bank; gold; international monetary system; international reserves;
    All these keywords.

    JEL classification:

    • D19 - Microeconomics - - Household Behavior - - - Other
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • Q31 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Demand and Supply; Prices

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