DETERMINANTS OF FOREIGN EXCHANGE RESERVES IN SERBIA AND NORTH MACEDONIA

Mile Bošnjak, Vlatka Bilas and Gordana Kordić

Economic Annals, 2020, vol. 65, issue 226, 103 - 120

Abstract: This paper employs a quan-tile regression approach to explore the determinants and properties of interna-tional foreign exchange reserves in Serbia and North Macedonia, at various foreign exchange levels. The observed period cov-ers quarterly data for 2005q1–2019q1. The results reveal quantile-dependent de-terminants of foreign exchange reserves and enable comparison between the two countries, showing co-movements between monetary policy and economic fluctua-tions. Following the estimates obtained in this research, the paper compares the role of foreign exchange reserves in Serbia and North Macedonia.

Keywords: international foreign ex-change reserves; quantile regression; for-eign exchange rate; GDP; monetary aggre-gates (search for similar items in EconPapers)
JEL-codes: E43 E44 E52 F32 F34 F37 G15 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (2)

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