 International Liquidity, the Demand for International Reserves, and Xeno-MarketsChapter 23 in International Finance and Open-Economy Macroeconomics, 2016, pp 601-633 from Springer Abstract: Abstract As we have already mentioned above (Sect. 22.4 ), international liquidity and international reserves are often used as synonyms, although they are not. International reserves are financial assets representing liquid international purchasing power in the hands of the monetary authorities. International liquidity is a broader concept and also includes access to loans as well as the monetary authorities’ ability to convert illiquid assets into liquid purchasing power through international asset markets. A further distinction is made between “owned” and “borrowed” reserves. The former, unlike the latter, have no offsetting foreign liability of the monetary authorities. There is a last distinction to be recalled: that between official and private international liquidity. The former only includes liquid international assets held by the monetary authorities, while the latter includes all the foreign liquid assets held by residents of the country. Keywords: Interest Rate; Central Bank; Foreign Exchange; Capital Mobility; Monetary Authority (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-662-49862-0_23 Ordering information: This item can be ordered from DOI: 10.1007/978-3-662-49862-0_23 Access Statistics for this chapter More chapters in Springer Texts in Business and Economics from Springer |
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