International Reserves and the Financial Crisis: Monetary Policy Matters

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F04274644%3A_____%2F12%3A%230000002" target="_blank" >RIV/04274644:_____/12:#0000002 - isvavai.cz</a>
Result on the web
<a href="https://is.vsfs.cz/auth/repo/3058/135_12_vsfs_acta_1-2012_benecka.pdf?lang=cs" target="_blank" >https://is.vsfs.cz/auth/repo/3058/135_12_vsfs_acta_1-2012_benecka.pdf?lang=cs</a>
DOI - Digital Object Identifier
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Result language
angličtina
Original language name
International Reserves and the Financial Crisis: Monetary Policy Matters
Original language description
The global financial crisis in 2008 and 2009 renewed interest for the role of international reserves in preventing and mitigating currency crises. The findings usually support the view that higher (or excess) reserves provided insurance against currency instability, which is considered as a good measure for evaluation how successful countries were in international comparison. Large depreciation of the currency is even explained as a fear of losing international reserves. But in case of inflation targeting countries (IT), which during the crisis witnessed sharp depreciations, this may be of a limited value. This paper enlighten the importance of monetary policy regime in estimating the level of international reserves and extends the current literature with the discussion on central bank credibility.
Czech name
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Czech description
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Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
AH - Economics
OECD FORD branch
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Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year
2012
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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