Demand for international reserves: evidence from East Asia

Eliza Nor, M. Azali () and Siong Hook Law ()

American Journal of Finance and Accounting, 2009, vol. 1, issue 3, pages 297-311

Abstract: This paper examines the demand for international reserves in nine East Asian economies during the period 1970-2005 using panel cointegration and Fully Modified Ordinary Least Squares (FMOLS). The panel cointegration tests find the existence of a long-run relationship between the demand for international reserves and its determinants. The panel group FMOLS results indicate that current account balance and total external debt are statistically significant and exert a positive and negative impact, respectively, on the demand for international reserves in East Asia.

Keywords: international finance; international reserves; current account; external debt; panel cointegration; fully modified least squares; East Asia (search for similar items in EconPapers)
Date: 2009
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