Novodobá pozice zlata v bilancích centrálních bank

The Contemporary Role of Gold in Central Banks' Balance Sheets

Iveta Polášková and Luboš Komárek

Politická ekonomie, 2021, vol. 2021, issue 4, 413-434

Abstract: The article focuses on the motives and trends in gold holdings by central banks in recent decades. It examines the correlation between the nominal and real price of gold and selected macroeconomic variables and financial assets over the financial and business cycles. In this context, it outlines gold investment opportunities for central banks and other investors. The paper also highlights differences in gold holdings between the central banks of advanced economies (including those with reserve currencies) and those of emerging market and developing economies. It concludes by presenting a rationale for the position of the Czech National Bank, which ranks among the modern central banks holding minimal amounts of reserve gold.

Keywords: Central bank; gold; international monetary system; international reserves (search for similar items in EconPapers)
JEL-codes: D19 E42 E58 F33 Q31 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.18267/j.polek.1325

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