How central banks prepare for financial crises – An empirical analysis of the effects of crises and globalisation on international reserves

Andreas Steiner

Journal of International Money and Finance, 2013, vol. 33, issue C, 208-234

Abstract: Central banks' international reserve holdings have increased significantly in the recent past. While traditional models fail to explain this accumulation of reserves, the more recent literature argues that reserves are used as a lifejacket against financial crises. However, research so far has neglected the question whether and how central banks change their precautionary reserve holdings after the country was affected by a financial crisis.

Keywords: International reserves; Financial crises; Precautionary demand (search for similar items in EconPapers)
JEL-codes: E58 F31 F36 F41 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jimfin:v:33:y:2013:i:c:p:208-234

DOI: 10.1016/j.jimonfin.2012.11.012

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