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Trends in the Accumulation of Net Foreign Reserves since World War II

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  • Kwon, Austin

    (The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise)

Abstract

Taking a historical perspective, this paper observes the trend in net foreign reserves by examining data that extend as far back as 1948. It looks broadly at how reserve coverage has changed over time and the benefits and costs of holding such reserves. Moreover, it studies which countries are the biggest holders of reserves and how much they have as well as the reasons why they hold these amounts. An accompanying spreadsheet workbook contains the data for the graphs and analysis of this paper. Data come mainly from the International Monetary Fund’s International Financial Statistics database, supplemented in some cases by national sources.

Suggested Citation

  • Kwon, Austin, 2017. "Trends in the Accumulation of Net Foreign Reserves since World War II," Studies in Applied Economics 94, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
    • Handle: RePEc:ris:jhisae:0094
    as

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    References listed on IDEAS

    as
    1. Sheng,Andrew, 2009. "From Asian to Global Financial Crisis," Cambridge Books, Cambridge University Press, number 9780521134156, January.
    2. Shin-ichi Fukuda & Yoshifumi Kon, 2012. "Macroeconomic Impacts of Foreign Exchange Reserve Accumulation: Theory and International Evidence," Chapters, in: Masahiro Kawai & Peter J. Morgan & Shinji Takagi (ed.), Monetary and Currency Policy Management in Asia, chapter 5, Edward Elgar Publishing.
    3. Bordo, Michael & Monnet, Eric & Naef, Alain, 2019. "The Gold Pool (1961–1968) and the Fall of the Bretton Woods System: Lessons for Central Bank Cooperation," The Journal of Economic History, Cambridge University Press, vol. 79(4), pages 1027-1059, December.
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    6. Anonymous, 1960. "International Monetary Fund," International Organization, Cambridge University Press, vol. 14(4), pages 668-669, October.
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    8. 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.
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    12. Sheng,Andrew, 2009. "From Asian to Global Financial Crisis," Cambridge Books, Cambridge University Press, number 9780521118644, January.
    13. Anonymous, 1953. "International Monetary Fund," International Organization, Cambridge University Press, vol. 7(3), pages 419-420, August.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Foreign reserves; gold; monetary base; imports; reserve adequacy;
    All these keywords.

    JEL classification:

    • 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

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