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International Reserve Currencies

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  • International Monetary Fund

Abstract

We study the composition of central bank holdings of foreign reserves when the level of currency riskiness is endogenously determined by economic structure and policymaker preferences in reserve issuing countries. Examination of the behavior of official foreign reserves of the industrial and developing country groups in the period 1977-1984 offers support to the notion that central banks employ mean-variance criteria in selecting international reserves.

Suggested Citation

  • International Monetary Fund, 1989. "International Reserve Currencies," IMF Working Papers 1989/015, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1989/015
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    Cited by:

    1. Zhang, Bin, 2011. "Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?—The People’s Republic of China’s Answer," ADBI Working Papers 306, Asian Development Bank Institute.

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