International Reserves and the Financial Crisis: Monetary Policy Matters

Kód výsledku v 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>

Výsledek na webu

<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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Jazyk výsledku

angličtina

Název v původním jazyce

International Reserves and the Financial Crisis: Monetary Policy Matters

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

International Reserves and the Financial Crisis: Monetary Policy Matters

Popis výsledku anglicky

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.

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2012

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

ACTA VŠFS

ISSN

1802-792X

e-ISSN

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Svazek periodika

2012

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

19

Strana od-do

25-43

Kód UT WoS článku

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EID výsledku v databázi Scopus

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