Central bank holdings of foreign exchange reserves : why have they grown so fast?

dc.contributor.advisorChairperson, Graduate Committee: Douglas J. Young.en
dc.contributor.authorGantt, Ryan Prestonen
dc.coverage.spatialEast Asiaen
dc.date.accessioned2013-06-25T18:40:15Z
dc.date.available2013-06-25T18:40:15Z
dc.date.issued2010en
dc.description.abstractThe first decade of the twenty-first century witnessed an historically unprecedented rise in the quantity of assets held as foreign exchange reserves by central banks. The locus of this rise has been in east Asia. By analyzing the change in reserve accumulation behavior which followed the financial crises that swept the globe in the late 1990s, this paper puts forth an explanation of the rise in East Asian reserve holdings based on increased sensitivity to perceived crisis risk by the Asian "Tigers" (including Japan and China). Our findings indicate that not only are reserve holdings worldwide higher since the end of the 1990s in real terms, but that the increase in East Asian reserve holdings has outpaced the rest of the world by a factor of 6. Empirical results corroborate the hypothesis that the relevant channel of influence for this change is through the interaction of exchange rate policy-specifically, a "fixed" exchange rate regime-and the extent to which a country engages in international trade.en
dc.identifier.urihttps://scholarworks.montana.edu/handle/1/1305en
dc.language.isoenen
dc.publisherMontana State University - Bozeman, College of Agricultureen
dc.rights.holderCopyright 2010 by Ryan Preston Gantten
dc.subject.lcshBanks and bankingen
dc.subject.lcshInternational relationsen
dc.subject.lcshFinanceen
dc.subject.lcshFuturesen
dc.titleCentral bank holdings of foreign exchange reserves : why have they grown so fast?en
dc.typeThesisen
mus.relation.departmentAgricultural Economics & Economics.en_US
thesis.catalog.ckey1519335en
thesis.degree.committeemembersMembers, Graduate Committee: Robert K. Fleck; Vincent H. Smithen
thesis.degree.departmentAgricultural Economics & Economics.en
thesis.degree.genreThesisen
thesis.degree.nameMSen
thesis.format.extentfirstpage1en
thesis.format.extentlastpage74en

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