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Dissertations / Theses on the topic 'Foreign exchange reserves'
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Soesmanto, Tommy. "Currency Composition of Foreign Exchange Reserves: A Comparative Study." Thesis, Griffith University, 2009. http://hdl.handle.net/10072/365601.
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The United States (US) dollar has been the principal currency used for reserve purposes by central banks worldwide for many years. However, uncertainties about the future strength of the US economy and the exchange value of the US dollar have led to pressure for a number of central banks particularly in developing countries, to consider shifting their US dollar reserve holdings to other reserve currencies. Since its creation in 1999 the euro has represented a serious alternative to the US dollar. Some authors have forecast that the euro is likely to replace the US dollar as the principal reserve currency in the near future. If a major portfolio re-balancing away from the US dollar occurs, there may be serious implications for both the US and the global economy. A deeper understanding of how central banks manage currency composition of foreign exchange (FX) reserves needs to be established in order to evaluate the likely developments in this area. The transaction theory and the mean-variance theory have served as the main conceptual frameworks for studies in this field. They have been useful in identifying factors which may theoretically affect FX reserve holdings. However, empirical studies of the two theories have been very limited in both number and in the range and number of countries covered. This study contributes to research in this area by presenting a comprehensive empirical investigation of the determinants of the currency composition of FX reserves, based on the frameworks proposed by the transaction theory, as well as that proposed by the meanvariance theory. The study covers a wider range of countries than previous estimations to date, including a detailed comparative examination of the management of FX reserves for a single country, Australia. It also uses more recent data than any previous studies, which allows a more complete analysis of the impact of the euro since its introduction in 1999...Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Department of Accounting, Finance and Economics
Griffith Business School
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He, Yi. "A test on determinants of China's demand for international reserves." Ohio : Ohio University, 2009. http://www.ohiolink.edu/etd/view.cgi?ohiou1258406241.
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Gantt, Ryan Preston. "Central bank holdings of foreign exchange reserves why have they grown so fast? /." Thesis, Montana State University, 2010. http://etd.lib.montana.edu/etd/2010/gantt/GanttR0510.pdf.
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The first decade of the twenty-first century witnessed an historically unprecedented rise in the quantity of assets held as foreign exchange reserves by central banks. The locus of this rise has been in east Asia. By analyzing the change in reserve accumulation behavior which followed the financial crises that swept the globe in the late 1990s, this paper puts forth an explanation of the rise in East Asian reserve holdings based on increased sensitivity to perceived crisis risk by the Asian "Tigers" (including Japan and China). Our findings indicate that not only are reserve holdings worldwide higher since the end of the 1990s in real terms, but that the increase in East Asian reserve holdings has outpaced the rest of the world by a factor of 6. Empirical results corroborate the hypothesis that the relevant channel of influence for this change is through the interaction of exchange rate policy-specifically, a "fixed" exchange rate regime-and the extent to which a country engages in international trade.
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Accominotti, Olivier. "Foreign exchange reserves, financial instability and contagion : three essays on the Great Depression." Paris, Institut d'études politiques, 2010. http://www.theses.fr/2010IEPP0054.
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Cette thèse est un recueil de trois essais portant sur des aspects inexplorés de l'instabilité financière internationale de la fin des années 1920 et des années 1930. L'objectif de ce travail est de permettre une meilleure compréhension des politiques monétaires déstabilisatrices de l'entre-deux-guerres, et de la propagation des crises financières, ainsi que d'apporter de nouvelles perspectives aux enjeux actuels en finance internationale. Le premier chapitre revisite la politique de réserves internationales de la France pendant l'entre-deux-guerres. En s'appuyant sur des données originales documentant la composition par monnaie des réserves de change, il explore les motivations d'une politique lourdement critiquée pour son rôle dans la dépression mondiale. Le second chapitre étudie la transmission internationale de la grande crise financière mondiale de 1931. A partir de données de bilans bancaires collectées dans les archives, l'analyse présentée permet d'identifier le mécanisme précis par lequel la crise d'Europe Centrale du printemps 1931 se propagea au plus important centre financier de la période, Londres, mit en danger le système bancaire britannique et aboutit finalement à une crise de la livre sterling. Enfin, le troisième chapitre identifie les facteurs principaux de la propagation de la crise financière des années 1930 à partir d'une base de données extensive documentant les marchés internationaux des changes, de la dette souveraine et des actions. L'analyse statistique montre que la crise de 1931 fut le choc financier le plus global de la Grande Dépression, et qu'elle affecta en priorité les pays importateurs de. CapitauxThis dissertation is a collection of three essays, all dealing with unexplored aspects of international financial instability during the 1920s and 1930s. The research included in these papers aims to provide a better understanding of the destabilizing monetary policies of the interwar years, and of the spread of financial crises, as well as to bring new historical perspectives to current policy issues in international finance. The first chapter revisits the French international reserves policy of the interwar years. Based on original data documenting the currency composition of the foreign reserves, the chapter identifies the motivations behind the Bank of France's disastrous policy of this period. The second chapter deals with the international transmission of the 1931 global financial crisis. Relying on bank balance sheet data collected in the archives, it explores the precise transmission channel through which the Central European crisis of the spring 1931 propagated to the most important financial center of the period, London, endangered the British banking system and eventually led to the sterling crisis of September. Last, the third chapter identifies the main factors of international financial crisis propagation during the 1930s, based on an extensive dataset documenting exchange markets, bond markets and stock markets. The statistical analysis in this chapter reveals that the 1931 crisis was the most global financial shock of the Great Depression and that net importers of capital were hit first
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FANG, Yu, and Lili LU. "Does a correlation exist between the foreign exchange reserves and the exchange rate? : An empirical study of China." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet (USBE), 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-51977.
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The main purpose of this study is to investigate relationship between foreign exchange reserves and RMB exchange rate. In order to obtain a precise result, foreign trade situation and GDP are also considered. The monthly data is collected over period 1994 to 2011, and processed through ADF test, Johansen test, and Granger causality test. Final results indicate that there is a long-term equilibrium relationship existing between foreign exchange reserves and RMB exchange rate. Moreover, any changes of foreign exchange reserves would lead to the fluctuation of RMB exchange rate but not vice versa. At last, the dummy variables are added into regression model to test influence from the reform of RMB exchange rate regime. Results suggest that regime reform not only increase flexibility of RMB exchange rate, but also slow down the accumulation of foreign exchange reserves.
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Gluhov, Anastasiya. "Analýza trendů v řízení devizových rezerv centrálních bank." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-192632.
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This diploma thesis is focused on analysis of foreign exchange reserves of central banks. The first part of the work explains the most important theoretical concepts, that are necessary for further understanding of the topic of the work. This section will also describe the main criteria which determines the optimal level of foreign exchange reserves. It will be also discussed about a new trend that is known as accumulation of foreign exchange reserves and about the sourcrces, the lead to accumulation. The following part explains in detail the concept of reserves currency and tells about the currency structure of reserves. The empirical part will be devoted to the analysis and management of the foreign exchange reserve in Israel.
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Громада, О. П. "Формування та використання золотовалютних резервів НБУ." Thesis, Одеський національний економічний університет, 2021. http://local.lib/diploma/Hromada.pdf.
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Доступ до роботи тільки на території бібліотеки ОНЕУ, для переходу натисніть на посилання нижчеУ роботі розглядаються теоретичні засади, формування та використання золотовалютних резервiв центрального банку країни, правовий режим процесу формування та використання золотовалютних резервiв. Проведено аналіз структури та динаміки золотовалютних резервів НБУ, оцінка валютних інтервенцій НБУ, достатності золотовалютних резервів України. Досліджено зарубіжний досвід формування та використання золотовалютних резервiв центральних банкiв та розглянуто можливість його імплементації у вітчизняну практику, розроблено шляхи удосконалення процесу формування та використання золотовалютних резервів.
The paper considers the theoretical principles, formation and use of gold and foreign exchange reserves of the central bank of the country, the legal regime of the process of formation and use of gold and foreign exchange reserves. An analysis of the structure and dynamics of the NBU's gold and foreign exchange reserves, an assessment of the NBU's foreign exchange interventions, and the adequacy of Ukraine's gold and foreign exchange reserves was conducted. The foreign experience of formation and use of gold and foreign exchange reserves of central banks is studied and the possibility of its implementation in domestic practice is considered, the ways of improvement of the process of formation and use of gold and foreign exchange reserves are developed.
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Toperczerová, Michaela. "Souvislosti platební bilance a měnového kurzu (analýza a komparace vybraných ekonomik)." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-150266.
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This master thesis examines mutual relations between components of the balance of payments and the foreign exchange rate. The first part briefly describes the structure of the balance of payments and the theory of the foreign exchange rate as a macro-economical variable, which can be seen in many different systems. The next part brings the characteristics of historic and recent economic conditions and challenges of four selected countries: Brazil, Russia, India and China (BRIC). In the empirical part, relations between components of the balance of payments and the development of the exchange rate are analyzed by methods of the linear regression. The time-series consisted of annual data for a period of fifteen to seventeen years.
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Хомутенко, Я. В. "Формування та управління структурою золотовалютних резервів країн світу." Master's thesis, Українська академія банківської справи Національного банку України, 2014. http://essuir.sumdu.edu.ua/handle/123456789/55892.
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Дипломна робота присвячена питанням формування та управління золотовалютними резервами. В дипломній роботі здійснено аналіз ефективності управління золотовалютними резервами України, розглянуто світові тенденції у формуванні резервів країн, визначено напрямки вдосконалення управління золотовалютними резервами; запропоновано напрямок вдосконалення організаційної структури НБУ щодо управління міжнародними резервами; здійснено оцінку адекватності резервів України.The master’s thesis is devoted to issues of formation and foreign exchange reserves management. The paper analyzes the effectiveness of foreign exchange reserves management in Ukraine, describes global trends in foreign exchange management, measures of improving the reserves management in Ukraine according to international experience; proposes directions for improving the organizational structure of the National Bank of Ukraine with a purpose to provide optimal reserves management; assesses the adequacy of international reserves of Ukraine.
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Parmová, Jana. "Devizové rezervy v tranzitivních ekonomikách." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-116492.
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The thesis deals with a role of foreign exchange reserves in developing countries. Main attention is devoted to the trends in development in foreign exchange reserves in recent years. The individual questions are analyzed in the context of accumulation of foreign exchange reserves. There are described connections between exchange reserves and individual periods of economic emergence in the developing countries. The thesis presents the meaning of exchange reserves in different types of foreign exchange regimes. There is described influence of exchange reserves on implementation of monetary policy. Foreign exchange reserves are divided in dependence on their origin. There is defined the relationship between accumulation of exchange reserves and net international investment position. The thesis deals with the role of foreign exchange reserves in global imbalances too. In the empirical part there are analyzed some questions described in theoretical part, using the cases of the Czech Republic, Poland and Hungary.
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Івасів, І. Б. "Вплив золотовалютних резервів на стабільність національної валюти." Thesis, Українська академія банківської справи Національного банку України, 2012. http://essuir.sumdu.edu.ua/handle/123456789/63888.
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Д`яконова, Ірина Іванівна, Ирина Ивановна Дьяконова, and Iryna Ivanivna Diakonova. "Складові сучасної системи формування та управління золотовалютними резервами." Thesis, Львівський інститут банківської справи Національного банку України, 2007. http://essuir.sumdu.edu.ua/handle/123456789/62648.
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Формування золотовалютних резервів є елементом зовнішньоекономічної та політичної діяльності держави. використання золотовалютних резервів є одним з інструментів грошово-кредитної політики центрального банку.Formation of reserves is an element of foreign economic and political activities of the state. use of reserves is one of the instruments of monetary policy the central bank.
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Nguyenová, Ngoc Anh. "Měnové režimy a globální nerovnováhy: příklad Číny." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-197076.
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The thesis deals with the exchange rate policy of the People's Republic of China. The objective is to evaluate the effect of exchange rate policy on the current account balance and the monetary policy. The theoretical part of the thesis outlines basic concepts of the foreign exchange market and relevant theories. The following section deals with the evolution of exchange rate policies. The final part is devoted to the analysis of influence of renminbi exchange rate on current account deficit and monetary policy. When assessing the impacts of renminbi exchange rate on monetary policy, open market operations and reserve requirements of banks can be considered as a vital tool of monetary policy of China. The central bank employs interest rate adjustments as a secondary instrument of the Chinese monetary policy.
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Жильцова, Д. О., Олександр Васильович Зайцев, Александр Васильевич Зайцев, and Oleksandr Vasylovych Zaitsev. "Життя у борг." Thesis, Сумський державний університет, 2011. http://essuir.sumdu.edu.ua/handle/123456789/64940.
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У тезах студентського повідомлення розглядаються питання руху та використання валютних ресурсів в країнах та між громадянами.В тезисах студенческого сообщения рассматриваются вопросы перемещения и использования валютных ресурсов в странах и между гражданами.
In the theses of the student's message, the issues of the movement and use of foreign exchange resources in countries and between citizens are considered.
немає
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Мутичко, Ю. В. "Управління офіційними резервними активами центральних банків." Thesis, Одеський національний економічний університет, 2020. http://dspace.oneu.edu.ua/jspui/handle/123456789/12357.
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У роботі наведено теоретичні аспекти, що стосуються даної теми, а також охарактеризовано способи формування та використання офіційних резервних активів НБУ; проведено аналіз складу, динаміки та структури ЗВР, валютних інтервенцій НБУ, а також досліджено достатність золотовалютних резервів за різними критеріями; проаналізовано світовий досвід формування та використання офіційних резервних активів, визначено проблеми, що виникають у цих процесах. Розроблені теоретичні та практичні положення, що ґрунтуються на міжнародному досвіді, можуть бути використані Національним банком
України для формування та використання офіційних резервних активів. Під час проведення дослідження використовувалися методи: аналізу;yзaгaльнення;системaтизaцiя; пoрiвняння;кореляційно-регресійний метод.The work presents theoretical aspects related to this topic, as well as describes the methods of formation and use of official reserve assets of the NBU; an analysis of the composition, dynamics and structure of foreign exchange reserves, foreign exchange interventions of the NBU, as well as the adequacy of gold and foreign exchange reserves by various criteria; the world experience of formation and use of official reserve assets is analyzed, the problems arising in these processes are defined. The developed theoretical and practical provisions, based on international experience, can be used by the National Bank of Ukraine for the formation and use of official reserve assets. During the study, the following methods were used: analysis;generalization; systematization; comparison, correlation-regression method.
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Fajnor, Tomáš. "Global financial crisis and monetary policies of central banks (examples of chosen countries)." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75615.
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The purpose of this Master's thesis is divided into two steps. The first step sums up all the relevant theory about financial crises and monetary policies. The second step analyzes not only the past but focuses mainly on the global financial crisis which started in 2007. The cornerstones of this analytical bloc are monetary policies of central banks in China, Venezuela, Denmark and the Czech Republic. Two hypotheses are stated in the beginning of this Master's thesis. These focus on fixed exchange rate regimes and foreign exchange reserves. The analytical part of Master's thesis tries to prove whether these hypotheses can be marked as valid or invalid.
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Lima, Ieda Miyuki Koshi Dias de. "A nova estrutura geoeconômica internacional e a recente proliferação dos fundos soberanos de riqueza." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2009. http://hdl.handle.net/10183/18304.
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Ziel dieser Dissertation ist es, auf Grund der Änderungen der wirtschaftspolitischen Struktur des Wirtschafts-und Finanzsystems, die Ursachen warum in den letzten Jahren manche Schwellenländer Staatsfonds gründen bzw. aufbauen, zu verstehen. Der Ausbreitungsprozess ist eine direkte Folge der massiven Anhäufung von Reserven des letzten Jahrzehnt. Dies konnte man in vielen Schwellenländern, insbesondere bei Ölexporteure und asiatischen Ländern, die groβe Handelsüberschüsse mit den Vereinigten Staaten und andere Entwicklungsländern registrierten, beobachten. Um das Defizit der Handelsbilanz zu decken, haben die Reserven in diesen Ländern einen exzessiven Niveau erreicht. Den Verwaltern dieser Reserven wurde daher die Gelegenheit gegeben höchstmögliche Gewinne zu erzielen. Wichtige, voneinander abhängige Faktoren wurden analisiert, um an dieses Ziel näher zu kommen, wie (i) in den 80er Jahren initiierten wirtschaftlichen und finanziellen Liberalisierungsprozess; (ii) die immer wichtigere Rolle, die die Finanzmärkte in der globalen Ökonomie spielen; (iii) das Hervortreten von wichtigen Schwellenländern; (iv) die wachsende, internationale Missverhältnisse und die daraufhin mögliche Anpassungsmechanismen; und (v) Kapitalanhäufungen, die zum Ausbreitungsprozess von Staatsfonds führten. Es wird darauf hingewiesen, dass die oben erwähnten Faktoren nicht Zielobjekte dieser Dissertation darstellen, jedoch sich als grundlegende Elemente zusammensetzen, um Staatsfonds und Hauptursachen des jetzigen Ausbreitungsprozess im Zusammenhang zu verstehen. Daher ist es wichtig, durch einen generellen Standpunkt, die Geschichte, Ziele, Dimensionen, Wachstumsrate und Auswirkungen der Staatsfonds, zu verstehen. Diese Verständnisse könnten gemeinsam mit einer Zusammenstellung von politischen prinzipien, sowohl für Fonds als auch für Investitionsempfänger, die Öffnung für Auslandskapital erhalten und weltweit finanzielle Stabilität fördern. Ursprünglich am Ende des kalten Krieges erschienen und Resultat der Anpassungen des internationalen Wirtschaftssystems, ist die Verbreitung der Staatsfonds eine relativ innovative und neue Bewegung. Als wissenschaftliches Thema handelt es sich hierbei noch um ein Grenzthema, was weitere Untersuchungen dagegen herausfordernd und relevant macht.O objetivo desta dissertação é entender, com base nas alterações da estrutura econômica e política do sistema econômico e financeiro internacional, os motivos que levaram alguns países emergentes, a criarem e/ou aprofundarem os fundos soberanos de riqueza nos últimos anos. O processo de proliferação é conseqüência direta da massiva acumulação de reservas que ocorreu na última década. Essa acumulação se deu em muitas economias emergentes, especialmente nos países produtores de petróleo e países asiáticos, que apresentavam grandes superávits comerciais com os EUA e outros países em desenvolvimento. Nesses países, as reservas alcançaram níveis além do necessário para cobrir o balanço de pagamentos, fornecendo uma oportunidade para que os administradores dessas reservas maximizassem os retornos. Assim, de forma a alcançar esse objetivo, foram analisados importantes fatores interdependentes e correlacionados, tais como (i) a liberalização econômica e financeira a partir da década de 1980; (ii) o processo de financeirização da economia mundial; (iii) a emergência de importantes economias em desenvolvimento; (iv) os crescentes desequilíbrios internacionais e, conseqüentemente, os possíveis mecanismos de ajuste; e (v) o acúmulo de capitais que levou ao processo de proliferação dos fundos soberanos de riqueza. Ressalta-se que os fatores acima mencionados não são objeto de análise específica da dissertação, mas constituem elementos essenciais que compõem o contexto para o entendimento próprio dos fundos soberanos e das principais causas do atual processo de proliferação. Dessa forma, fazse necessário entender, sob um ponto de vista mais geral a história, os objetivos, a dimensão, o ritmo de crescimento e as implicações sistêmicas dos fundos soberanos de riqueza. Tal entendimento, juntamente com um conjunto de princípios políticos tanto para esses fundos como para os países receptores desses investimentos, poderia ajudar a preservar a abertura ao capital estrangeiro e promover a estabilidade financeira por todo o mundo. A proliferação dos fundos soberanos de riqueza é um movimento recente e de certa forma inovador, resultante das adaptações do sistema econômico internacional, surgido com o final da Guerra Fria. Isso significa que é um tema cujas reflexões e interpretações ainda não estão totalmente consolidadas, fato que cria tanto obstáculos ao seu estudo apropriado, mas também um desafio de se trabalhar com um tema de fronteira.
This thesis aims at examining, within the framework of the recent changes in the international political and economic systems, the reasons that led some emergent countries to create and/or enlarge their sovereign wealth funds. Such enlarging springs from the massive capital accumulation of the past decade which took place on a number of emerging countries, notably oil exporters and Asian economies - which achieved large trade surplus in their deals with the USA and other developing countries. In these countries, reserves greatly surpassed the amount needed for covering any possibility of trade balance deficit, allowing governments to maximize their returns. In order to examine this scenario, this thesis examines a number of its key, inter-related factors, such as: (i) the process of economic and financial liberalization started in the 80's; (ii) the increasingly important role played by the financial markets in global economy; (iii) the growing international imbalances and some possible mechanisms to fix them; (iv) the capital accumulation process which led to the spreading of sovereign wealth funds. Such factors do not constitute any kind of privileged object of this analysis but are listed as crucial elements to understand sovereign wealth funds and the causes of their sharp increase over the recent years. In fact, understanding these funds could contribute - if coupled with a set of investment policies including investors, as well - to preserve capital flows and stabilize world economy. The proliferation of sovereign wealth funds is a recent, innovative movement, which emerged from the economic adjusts world economy underwent after the Cold War. As an academic theme, it is still a frontier topic, a fact that makes its study more challenging and relevant.
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Дахер, Катерина Анатоліївна, Екатерина Анатольевна Дахер, and Kateryna Anatoliivna Dakher. "Использование математических методов и моделей поддержки принятия решений." Thesis, Українська академія банківської справи Національного банку України, 2007. http://essuir.sumdu.edu.ua/handle/123456789/63173.
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Розглянуто деякі методи та моделі підтримки й прийняття рішень управління золотовалютними резервами та їх роль як у детермінованому випадку, так і у випадку ризику.Considered some mathematical methods and models of the Decision Support in gold exchange reserves management, their role in different conditions: in the determined and risk cases.
Рассмотрены некоторые методы и модели принятия решений управления золотовалютными резервами и их роль, как в детерминированном случае, так и в случае риска.
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Leikus, Valdis. "Lietuvos mokėjimų balansas ir jo krizės aplinkybių įvertinimas 2009 m." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2010~D_20100224_133105-21596.
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Kadangi neigiami šalies mokėjimų balanso rodikliai gali būti būsimo šalies ekonominio nuosmukio ar krizės priežastis, todėl būtina suvokti, kokia šių rodiklių įtaka šalies daromiems sprendimams bei nustatyti, ar šių rodiklių pagalba galima prognozuoti būsimas šalies valiutų krizes, kitaip dar vadinamas mokėjimų balanso krizėmis. Atsižvelgiant į tai, magistro baigiamajame darbe analizuojama mokėjimų balanso krizės situacija bei jos pasireiškimo tikimybė Lietuvoje.
Atliktas tyrimas aktualus, nes mokslinėje literatūroje Lietuvos mokėjimų balanso krizės susidarymo rizikos analizės per pastaruosius metus nepasitaikė. Ypač Lietuvai tai aktualu dėl pastarųjų metų pasaulinių įvykių, nulėmusių Lietuvos ekonomikos smarkų smukimą. Taip pat pažymėtina, kad užsienio šalyse vis daugėja atvejų, kai šalis dėl išeikvotų užsienio valiutos rezervų patiria mokėjimų balanso krizę, priverčiančią šalį imtis drastiškų veiksmų siekiant išgelbėti šalies ekonomiką.
Atsižvelgiant į aukščiau minėtą, iškeliama mokslinė darbo problema klausimu „Ar galima prognozuoti apie Lietuvos mokėjimų balanso krizės reiškinį remiantis mokėjimų balanso sąskaitų pokyčiais bei pagrindiniais makroekonominiai rodikliais, įtakojančiais mokėjimų balanso sąskaitas?“
Darbo tikslas – atlikti Lietuvos mokėjimų balanso krizės rizikos analizę ir ištirti, pagal kuriuos šalies ekonominius ir statistinius rodiklius galima prognozuoti šį reiškinį.
Tyrimo objektas – Lietuvos, Latvijos ir Estijos detalūs statistiniai mokėjimų balanso... [toliau žr. visą tekstą]As the country's negative balance of payments indicators may signal the country's future economic downturn or causes of the crisis, it is necessary to understand how these variables influence country’s decisions and determine whether these characteristics can help predict future currency crises in the country, also known as the balance of payments crisis. The paper of master degree analyzes the balance of payments crisis situation and its likelihood of occurring in Lithuania. A study carried out is relevant because the scientific literature does not provide any analysis regarding the Lithuanian balance of payments crisis over the past few years. It is especially relevant in Lithuania as the worldwide events in the recent years have led to a rapid decline of the Lithuanian economy. It should also be noted that there is a growing number of cases of foreign countries experiencing balance of payments crisis, subjecting the country to take drastic action to save the country's economy. According to the above mentioned, the problem is formulated: "Is it possible to predict the Lithuanian balance of payments crisis phenomenon on the basis of balance of payments accounts, and key developments in macroeconomic indicators, influencing the balance of payments accounts?" The main goal is to analyze the Lithuanian balance of payments crisis risk and determine which country's economic and statistical indicators can predict this phenomenon. The object of the research - the detailed... [to full text]
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Bříza, Pavel. "Vliv asijské krize na pozici asijských tygrů v současné krizi." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-195482.
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The thesis examines the influence of the Asian crisis on the position of the Asian Tigers in the current crisis. The aim of the thesis is to identify the main reasons due to which these countries relatively quickly overcame the current crisis. The aim will be achieved by comparison of the reactions of Asian Tigers' economic policies on impacts of the Asian and the current crisis. The thesis is divided into three chapters. The first chapter sets out the main causes of the Asian currency and financial crisis, analyzes the course of crisis and its impact on Asian newly industrialized countries. The second chapter describes the economic development of the countries in the period between the crises. Stabilization measures taken under overcoming the Asian crisis are also evaluated in this chapter. Furthermore, the second chapter analyzes the economic policy of Southeast Asian countries, which in response to the Asian crisis began to accumulate huge amount of foreign exchange reserves. The countries contributed with their policies to the deepening of global imbalances, which are related to the emergence of the current crisis. The third chapter is devoted to the current crisis. As in the first chapter, there are explained the main causes of the crisis, described the course of the crisis in the Southeast Asian countries and then discussed the most significant stabilizing measures that helped to Asian Tigers to overcome the crisis.
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Carbonari, Frederico Moreira. "Influência do Sistema Monetário Internacional na condução da política cambial brasileira: de 1980 a 2000." Pontifícia Universidade Católica de São Paulo, 2014. https://tede2.pucsp.br/handle/handle/9228.
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Previous issue date: 2014-03-12This study aims to analyze the International Monetary and Financial System influence exercised in the conduction of the economic policy in Brazil from 1980 to 2000, with emphasis on exchange rate policy, mostly because of its great importance as a key price for the economy. The study demonstrates how the hegemonic nation had manipulated the currency use as a way to dominate the other countries of the system and submit them to its behalf. By evidencing the differences between the periods of crisis and the adjustment at the conduction of economic policy against the dollar policy in the period, it becomes clear the Brazilian dependence on the leader currency of the International Monetary System. It can be concluded that this dependence is closely related with the country's vulnerability to the international capital flows, thus showing, how the Brazilian exchange rate policy became subordinated to the policy and interests of the nation which owns the international reserve currency
Este trabalho se propõe a analisar a influência que o Sistema Monetário e Financeiro Internacional exerceu na condução da política econômica brasileira de 1980 a 2000, com destaque para a política cambial, sobretudo devido a sua grande importância como preço-chave para a economia. O trabalho mostra como a nação hegemônica manipulou a utilização de sua moeda como forma de dominar os demais países do sistema e submetê-los aos seus interesses. Ao fazer a contraposição dos períodos de crise e ajuste da condução da política econômica brasileira, vis-à-vis a política do dólar no período, fica clara a dependência brasileira em relação à moeda líder do Sistema Monetário Internacional. Pode-se concluir que essa dependência está intimamente ligada com a vulnerabilidade da economia brasileira em relação aos fluxos internacionais de capitais, mostrando, assim, como a política cambial brasileira ficou sujeita a política e aos interesses da nação proprietária da moeda de reserva internacional
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Веріга, Г. В. "Механізми регулювання валютного ринку України." Thesis, Донецький національний університет управління, 2013. http://essuir.sumdu.edu.ua/handle/123456789/51369.
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У дисертації обґрунтовано поняття і концепцію функціонування валют-ного ринку, охарактеризовано суб’єкти і об’єкти його регулювання із застосуванням системного підходу, формалізовано механізми та інструменти регулювання валютного ринку за умов європейської інтеграції, обґрунтовано необхідність і напрямки розвитку механізмів регулювання валютного ринку України. Проведено оцінку фрактальності і циклічності розвитку валютного ринку України, визначено фактори нестійкості і кризового стану валютного ринку, розвинуто механізми інтервенційної політики НБУ і урівноваження платіжного балансу України в системі регулювання стійкості валютного ринку. Валютний курс розглядається у роботі як об’єкт макроекономічного регулювання і механізм дедоларизації грошово-кредитного ринку України. Удосконалено науково-методичні підходи до управління офіційними валютними резервами НБУ і валютного курсоутворення в системі таргетування інфляції на основі кошика валют. Визначено передумови і наслідки інтеграції України в європейський
валютний ринок, удосконалено механізм валютного регулювання зовнішньоекономічної діяльності резидентів України, стану зовнішнього боргу держави. Обґрунтовано напрями лібералізації механізму валютного нагляду на основі залучення незалежного аудиту. Виявлено проблеми регулювання валютних операцій банків України і проведено оцінку їх ризиків, удосконалено методичний підхід до регулювання валютних операцій банків на основі адаптації до вітчизняних умов Базельських стандартів валютного саморегулювання. Визначено проблеми формалізації валютної політики суб’єктів господарювання і удосконалено методичні підходи до управління валютними ризиками суб’єктів господарювання.
The dissertation studies the essence and concepts of functioning of the foreign exchange market, characterizes the subjects and objects of its regulation, formalizes mechanisms and instruments of the exchange market regulation in terms of the European integration, substantiates the necessity and development of the mechanisms of regulation of the foreign exchange market in Ukraine. It conducts the analysis of fractal and cyclical development of the foreign exchange market of Ukraine, identifying the factors of instability and crisis of the foreign exchange market, developing the mechanisms of interventional policies by the National Bank of Ukraine and the balance of payments in Ukraine within a system of regulatory stability of the foreign exchange market.
It develops scientific and methodological approaches to the management of foreign currency reserves and formation of foreign exchange rates in the system of inflation targeting based on the basket of currencies. It determines preconditions and consequences of Ukraine’s integration into the European foreign exchange market, improves the mechanism of currency regulation of the foreign economic activity of Ukrainian residents and the country’s foreign debt. It substantiates the areas of liberalization for the mechanism of currency supervision on the basis of independent auditing.
The author identifies the problems of regulation of currency transactions of Ukrainian banks, assessing their risks and improving the methodical approach to the regulation of foreign exchange transactions of banks on the basis of adaptation of the national conditions to the Basel standards of foreign exchange selfregulation. The author defines the problems of formalization of the monetary policy of companies, improves the methodical approaches to the management of their foreign exchange risks.
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Silveira, Thais Hae Ok Brandini Park. "O Plano Real e o balanço de pagamentos do Brasil." Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/2/2133/tde-31072015-175436/.
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Este trabalho tem como objetivo analisar o Plano Real e o Balanço de Pagamentos do Brasil. O que se pretende verificar é se o Plano Real é consentâneo ao sistema de Direito Brasileiro. Para tanto, a análise foi dividida em três blocos. No primeiro, que compreende os Capítulos I e II, foram apresentadas noções indispensáveis para a compreensão do assunto: de preço, poder de compra da moeda e taxa de câmbio. Na oportunidade, também se esclareceu que o Plano Real tinha como principal objetivo combater a inflação no país causada, segundo seus idealizadores, pela indexação da economia e pelo déficit público. A partir deste diagnóstico, o Plano Real é elaborado com base em três principais medidas: ajuste fiscal, criação da Unidade Real de Valor (URV) e adoção de uma âncora cambial. O segundo bloco deste trabalho, integrado pelos Capítulos III a V, vai esmiuçar esta última medida e seus efeitos, bem como as alterações legislativas provocadas pelo Plano Real (principalmente Emendas Constitucionais nº 5 a 9, todas de 1995, e Lei nº 9.069/1995). Aqui também se demonstrará como o Plano Real consagrou a ideologia preconizada pelo Consenso de Washington. No último bloco, composto pelo Capítulo VI, são analisados os efeitos provocados no nível de endividamento público decorrentes das medidas adotadas pelo Plano Real e a alteração das regras jurídicas que tratam da dívida pública que vieram ao encontro dele (principalmente Lei Complementar n° 101/2000). Neste ponto, a partir de um estudo sobre os princípios jurídicos que regem a atividade da administração pública, concluímos que o sistema jurídico brasileiro oferece fundamento suficiente para superação das regras jurídicas (e ideologia) adotadas no país com o advento do Plano Real.The purpose of this thesis is to analyze the Real Plan, the Brazilian Balance of Payments and if the Real Plan is supported by the Brazilian law system. The analysis is divided into three blocks. First, in Chapters I and II, some indispensable concepts are presented: price, purchasing power of money and exchange rate. On the occasion, it was clarified that the Real Plan had as its main objective fight inflation in the country caused by, according to its creators, the indexation of the economy and the public deficit. Based on that diagnosis, the Real Plan counted on three measures: fiscal adjustment, creation of the Real Value Unit (URV) and adoption of a fixed exchange rate. The second block, through Chapters III to V, scrutinizes the latter measure and its effects, as well as legislative changes brought by the Real Plan (mainly Constitutional Amendments 5-9, all of 1995, and Law nº 9.069/1995). It also demonstrates that the Real Plan established the ideology advocated by the Washington Consensus. In the final section, composed of Chapter VI, the effects of Real Plan on public debt and the change of legal rules on that matter (mainly Law nº 101/2000) are analyzed. At this point, from a study of constitutional principles, we conclude that the Brazilian legal system provides sufficient basis to overcome the legal rules (and ideology) adopted in the country with the advent of the Real Plan.
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Unkovski, Goran. "Purchasing power parity and Reserve Bank intervention in the foreign exchange market." Master's thesis, University of Cape Town, 2004. http://hdl.handle.net/11427/5681.
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Includes bibliographical references.This paper tests the behaviour of the PPP relationship in South Africa between 1993 and 2003 using cointegration techniques. The period under review is divided into two sub-phases. The first, from January 1993 to May 1998, encompasses the changing political situation and the initial effects of global integration for South Africa. It is found that the PPP relationship holds during this time frame.
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Cornell, Christopher M. "Exchange rate target zone analysis : a theoretical and empirical approach combining imperfect credibility and foreign exchange reserve deficiencies /." The Ohio State University, 2000. http://rave.ohiolink.edu/etdc/view?acc_num=osu1273858334.
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Deer, Luke Damien. "An alternative approach to international finance: China's official reserve accumulation." Thesis, The University of Sydney, 2010. http://hdl.handle.net/2123/7215.
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This thesis seeks to develop an alternative conceptual framework through which to understand international finance. It then applies this framework to the case of China’s recent official foreign exchange accumulation. One view of international financial relations suggests an agenda of state-to-state financial relations, especially in terms of financial power relations between nations (Andrews et.al. 2006). Another view suggests that finance, while being globally mobile, expresses clear national characteristics such that the aggregation of financial transactions will tell a coherent national story, such as a story of mercantile policy rooted in national trade and payments imbalances (Goldstein 2004). This thesis develops an explanatory critique of these approaches, and suggests an alternative theoretical approach to understanding international financial relations. It does this by augmenting a theory of international financial intermediation — understood as a socially determined, value-chain driven process of cross-border and crosscurrency financial transformation by and through international financial intermediary institutions(Scholtens and Van Wensveen 2003) — with a strategic relational approach to state policy. This framework is then applied with a view to understanding the development of a process of official foreign exchange accumulation by China’s monetary authorities. It seeks to account for why Chinese official reserve accumulation has predominately taken the form of US dollar assets, and to explain recent pressures and responses by China’s authorities to their official US dollar ‘liquidity dilemma’. This thesis argues that the recent pattern and level of China’s foreign exchange accumulation is primarily a secondary by-product of other foreign exchange, monetary and financial risk-mitigation objectives which operate in the context of a rising structural surplus and rising inflows of foreign exchange liquidity. Finally, despite the popular view, this pattern of recent official reserve accumulation has been a relatively durable two-way international financial intermediary relationship. China’s authorities will continue to accumulate US government debt securities unless they decide to ‘float’ the exchange rate. Even then, while the cross-border intermediaries would change — from official to commercial intermediaries — the pattern of international asset accumulation is likely to continue.
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Tůmová, Kateřina. "Analýza výkonnosti investičních kovů a mincí." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-116482.
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This project deals with historical precious metals price development as gold, silver, platinum and palladium in connection to analysis of the precious metals investment benefits. There are discussed international market prices and retail prices as well. There is also mentioned the issue of price structure from the premium and other costs point of view, including possible risks coupled with investment. Approximated are also basic terms and forms of investment metals, alternative options of precious metals investment as well. The project also includes the issue of tax investment aspects and other advantages connected to it. Further there is indicated medial disinformation criticism and insufficient legal support for customers investing to the precious metals.
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Han, Zhi. "Applications of stochastic control and statistical inference in macroeconomics and high-dimensional data." Diss., Georgia Institute of Technology, 2015. http://hdl.handle.net/1853/54401.
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This dissertation is dedicated to study the modeling of drift control in foreign exchange reserves management and design the fast algorithm of statistical inference with its application in high dimensional data analysis. The thesis has two parts. The first topic involves the modeling of foreign exchange reserve management as an drift control problem. We show that, under certain conditions, the control band policies are optimal for the discounted cost drift control problem and develop an algorithm to calculate the optimal thresholds of the optimal control band policy. The second topic involves the fast computing algorithm of partial distance covariance statistics with its application in feature screening in high dimensional data. We show that an O(n log n) algorithm for a version of the partial distance covariance exists, compared with the O(n^2) algorithm implemented directly accordingly to its definition. We further propose an iterative feature screening procedure in high dimensional data based on the partial distance covariance. This procedure enjoys two advantages over the correlation learning. First, an important predictor that is marginally uncorrelated but jointly correlated with the response can be picked by our procedure and thus entering the estimation model. Second, our procedure is robust to model mis- specification.
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Naef, Alain. "Sterling and the stability of the International Monetary System, 1944-1971." Thesis, University of Cambridge, 2019. https://www.repository.cam.ac.uk/handle/1810/285170.
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This dissertation studies the role of sterling during the Bretton Woods period (1944-1971). The Bretton Woods system has often been described as a dollar system with sterling having lost its relevance as reserve currency. However, despite being a secondary reserve currency and having lost importance, sterling was the 'first line of defence for the dollar' as contemporaries put it. They frequently stressed the fact that a sterling crisis would have consequences on the stability of the Bretton Woods system but economic historians have never tested this empirically. This dissertation argues that sterling played an important role in the stability of the international monetary system. Foreign exchange market participants globally monitored sterling and US policymaker stepped in to avoid devaluation of the British currency. US support to sterling was mainly due to the fear of a British devaluation, which could trigger a run on the dollar. When the UK finally devalued the pound in 1967, it marked the beginning of an instable period for the international monetary system. The Gold Pool, a syndicate to defend the US gold parity, collapsed in 1968 and this prefigured the end of the Bretton Woods system. This dissertation presents new data along with novel archival material from seven archives across continents to demonstrate how contagion from sterling to the dollar occurred. Modern econometric methods are used to analyse a new dataset with over 80,000 observations of offshore exchange rates, central bank intervention and reserves. This evidence shows that a secondary reserve currency can still play a key role in the stability of the international monetary system.
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Krupička, Josef. "Cílování inflace v podmínkách hrozby deflačních tlaků." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193981.
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This research paper on monetary policy focuses on strategy of inflation targeting and its modification in an environment of deflationary pressures. Focus of this paper is based on three main points that correspond to the content of individual chapters. The first point is a theoretical analysis of the main attributes of inflation targeting with emphasis on analysis of the functioning of the transmission channels. The second point is an analysis of implementation of this strategy in the Czech National Bank and in the Reserve Bank of New Zealand. In this point separate analysis was made of the development of inflation targeting and transformation of relationship between macroeconomic variables in transmission mechanism. The third point then debates the modification of monetary policy instruments in the context of inflation targeting adopted by the Czech National Bank, with an emphasis on the introduction of exchange rate commitment. Throughout the work are used simple methods for analysis with further emphasis on the actuality. The conclusion summarizes the findings and evaluates the modification of the inflation targeting strategy as a positive phenomenon in the context of evolution of monetary policy.
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Barnor, Joel A. "An analysis of the money market linkages between South Africa and selected major world economies." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002690.
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Globalisation and financial liberalisation has increased the linkages across countries in recent times. The existence of money market links has important implications for both domestic monetary policy and for investment decisions. This study examines the linkages between South Africa’s money market and selected major international money markets. The objectives of the study are firstly to examine the links between the repo rate of South Africa and the central bank rates of the EU, Japan, UK and US. Secondly, is to compare the influence of domestic and foreign monetary policy decisions on South Africa’s money market. The third objective is to examine the long run relationship between the South African money market and the money markets of its major trading partners. Three estimation techniques are used to examine the different links. Principal components analysis, four tests of cointegration, and stationarity tests of the spreads/risk premium between South Africa’s interest rates and the interest rates of the other countries. All three techniques show that there is no long-run link between South Africa’s central bank rates and the central bank rates of the other countries. This shows that the repo rate does not depend on movements in other central bank rates. Domestic money market interest rates respond strongly to changes in the repo rate whilst showing no dependence on central bank rates of the other countries. This confirms the autonomy of the South African Reserve Bank in carrying out policy objectives. When the risk premium is accounted for under the third technique, evidence of integration is found. This indicates that the risk premium plays a crucial part in the level of integration between South Africa and the countries included in the study.
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De, Angelis Catherine. "The functioning of the interbank market and its significance in the transmission of monetary policy." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1008054.
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Monetary policy in South African is the primary means by which the authorities can influence activity in the overall economy. The South African Reserve Bank accommodates banks through repo transactions for which they charge the repo rate. The most important market in the transmission of the repo rate to the rest of the economy is the interbank market. As such, a detailed discussion of this market is given. In September 200 I the monetary authorities made certain adjustments to the repo system of accommodation, which included changing the repo rate from a floating rate to a fixed rate that would be administratively determined by the MPC. This was done to address certain weaknesses in the floating rate system. This thesis examines and compares the period before and after the adjustments to the repo system, with the aim of determining whether or not the monetary authorities achieved the goals intended from making this change. The repo rate, prime interbank rate, 3-month NCO rate and the prime lending rate are analysed using the Engle-Granger two variable approach and an ECM model to test for causality. It was found that the monetary authorities did not achieve their intended goals as the relationship between the repo rate and the interbank rate was more significant in the first period. Furthermore, the direction of causality the authorities hoped to achieve by implementing the changes were in fact already in place. As such the adjustments to the system changed the transmission mechanism from the one desired by the authorities to one that was not intended. The conclusions reached by this study show that, in terms of the objectives of the monetary authorities, the previous repo system functioned better.KMBT_363
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Rane, Ketan Cobbe James H. "Excess foreign exchange reserves the Indian case /." Diss., 2006. http://etd.lib.fsu.edu/theses/available/04102006-180615.
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Thesis (M.S.)--Florida State University, 2006.Advisor: James Cobbe, Florida State University, College of Social Sciences, Program in International Affairs. Title and description from dissertation home page (viewed June 7, 2006). Document formatted into pages; contains x, 70 pages. Includes bibliographical references.
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Hsu, Wen-Hsin, and 許文馨. "China’s Foreign Exchange Reserves Forecast – Regression Model." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/yvr6de.
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碩士國立臺北科技大學
經營管理系碩士班
101
As China''s economy continued to grow over the years of foreign trade of high-speed development and foreign investment in the introduction, is the main reason for the rapid increase in the foreign exchange reserves, this study attempts to forecast the future trend of China''s foreign exchange reserves to the regression model of the scientific method, however, affect China''s foreign exchange there are many factors that kept the end, the Chinese foreign exchange reserves will be subject to domestic policies and economic factors, many papers in the past more than the economy and many other factors to be explored, this study also take economic factors as the main variables for the actual use of foreign investment, the total exports economic indicators of the consumer price index, U.S. dollar exchange rate, international crude oil prices, the U.S. unemployment rate and U.S. Treasury bonds, through the best grouping regression to establish a multiple regression model. The study found that the regression model showed China''s foreign exchange reserves change by the U.S. Treasury, U.S. exchange rate and the total exports of the three have affected more significantly, especially U.S. Treasury bonds most significant impact on China''s foreign exchange reserves. Finally, two multiple regression model, China''s foreign exchange reserves in March 2012 to May 2012 forecast, and compare the results with the actual values, results of this study predicted and actual values in the 95% confidence interval, so the model for the effective prediction model.
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Lai, Ji-Huey, and 賴姬. "Dual Exchange Rates、Foreign Exchange Reserves and Target Zones Policy." Thesis, 1995. http://ndltd.ncl.edu.tw/handle/95827882084399655289.
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Ho, Kevin, and 何奇峰. "A Study of the Relationship Between Money Supply, Foreign Exchange Reserves, Interest Rate and Foreign Exchange Rate." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/65572742117603661749.
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碩士國立臺北大學
國際財務金融碩士在職專班
93
This study explored the relations between foreign exchange rate, interest rate, money supply, and foreign exchange reserve utilizing Granger causality test and auto regression. Data series are from January 1981 to December 2004 total 96 quarterly data points. The conclusions are summarized below. Granger Causality Test 1.The inclusion of foreign exchange rate enhances the prediction of foreign exchange reserve and interest rate. 2.The inclusion of money supply enhances the prediction of foreign exchange rate. 3.The inclusion of foreign exchange reserve enhances the prediction of foreign exchange rate and money supply. 4.The inclusion of interest rate enhances the prediction of money supply and foreign exchange reserve Vector Autoregression Based on the most appropriate lagging of 4 periods, the following conclusions are reached. 1.Foreign exchange rate and foreign exchange reserve are mutually influential. 2.Money supply and interest rate are mutually influential. 3.Money supply influences foreign exchange rate. 4.Foreign exchange rate influences interest rate. 5.Foreign exchange reserve and money supply are mutually influential. Impulse Response Analysis In the short term, the following observations are noticed. 1.The change in foreign exchange rate by one standard deviation has the largest impact on foreign exchange rate itself, and has relatively little impact on other variables. 2.The change in foreign exchange reserve by one standard deviation begins to have increasing impact on foreign exchange rate in the second period, indicating greater short term correlation with foreign exchange rate. 3.The change in money supply and interest rate by one standard deviation only begin to impact foreign exchange rate in the 4th period, indicating their lack of correlation with foreign exchange rate With the lagging of 10 quarters, the change of one standard deviation in foreign exchange rate has more obvious impact on foreign exchange reserve. The changes in money supply, foreign exchange reserve and interest rate by one standard deviation produce long term impact on foreign exchange rate in the order of 0.0191, 0.0633, and –0.0897. In the longer term, interest rate has more impact on foreign exchange rate. Variance Decomposition Based on variance decomposition, foreign exchange rate has the highest self-explanatory power, with 10-quarter explanatory power of 83.81%. Money supply, foreign exchange reserve, and interest rate have 70.69%, 70.34%, and 53.99%, respectively. From the results we could conclude that foreign exchange rate has the highest degree of self-determination, is less likely to be influenced by other factors. Other factors with explanatory power on foreign exchange rate in declining order of influence are foreign exchange reserve, money supply and interest rate.
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Chen, Chih-Yang, and 陳治仰. "Changes of Foreign Exchange Reserves, Business Cycles, and Stock Return." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/97950619774421747228.
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碩士朝陽科技大學
財務金融系碩士班
99
In recent years as a result of the emerging market vigorous development, caused the emerging market plays an important rules in the global world. Following rapidly development situation, these economic systems also must converge more frequently to inflows of foreign funds or outflows that caused the breaking movements of foreign exchange rate. In this process, Changes of Foreign Exchange Reserves and Stock Return an interesting rules. To solve the problems, the objective of this article is to investigate the fifteen countries of impact the global emerging market during January 1995 to December 2010. The main findings of this paper the central bank of emerging market intervened the foreign exchange market were directly significant to all stock market returns, and Changes of Foreign Exchange Reserves will usually effect the stock market return.
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Tanner, Evan C. "Exchange rate and reserve regimes theory and the Latin American experience /." 1988. http://catalog.hathitrust.org/api/volumes/oclc/23090186.html.
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Lin, Yu-Cheng, and 林佑承. "The Effects of Changes in Foreign Exchange Reserves for Stock Returns." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/75187715121019386955.
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碩士朝陽科技大學
財務金融系碩士班
99
In recent years as a result of the emerging market vigorous development， caused the emerging market plays an important rules in the global world. Following rapidly development situation，these economic systems also must converge more frequently to inflows of foreign funds or outflows that caused the breaking movements of foreign exchange rate. In this process，Central Bank''s plays an important rules in this situation. When foreign exchange reserve changes movements whether the situation will be the impact of the stock market? To solve the problems, the objective of this article is to investigate the fifteen countries of impact the global emerging market during January 1995 to December 2010. The main findings of this paper emerging market of the foreign exchange reserves were directly significant to all stock market returns. Mature markets of the foreign exchange reserves were not significant to stock returns.
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Wu, Shen-Fen, and 吳淑芬. "The Demand for Foreign Exchange Reserves in Taiwan -An Error Correction Model." Thesis, 1995. http://ndltd.ncl.edu.tw/handle/55193387459303400291.
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碩士淡江大學
金融研究所
83
According to one-period loss function by Hendry(1980a) and Elbadawi(1990), the paper employs error correction odel to investigate the demand for international reserves in Taiwan. The conclusions:(1)The Engle and Granger cointegration test shows that reserves is cointegrated with scale variable and opportunity cost.(2)Error Correction term, opportunity cost, variability of international payments are significant. The fingings don't support an important short-run influence of monetary disequilibrium by using the ECM on reserves movements.(3)The adjustment speed to the last period's disequilibrium is .084423 per unit of time.
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Tsai, Hsing-Ying, and 蔡欣穎. "The Impact of Devaluation on Foreign Exchange Reserves and Tourism Price－Fixed Exchange Rate Regime Model." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/8xg6v4.
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Kuo, Hsin-I., and 郭心怡. "The Study of Relationships among Foreign Exchange Reserves, Stock Index and Macroeconomic Variables." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/v7sjva.
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碩士國立高雄應用科技大學
金融系金融資訊碩士在職專班
103
This study mainly discusses the relationship between seven variables, which are foreign reserves, stock price index, money supply, imports, exports, interest rate and New Taiwan Dollar (TWD) exchange rate. The author applies the unit root test of non-stationary method, Vector Autoregression model (VAR), cointegation, causality test, and error correction model to examine whether there is a long-term equilibrium relationship between these seven variables and then analyze short-term imbalance adjustment and disscuss the causality relationship between variables. The data were collected from January 1999 to September 2014. The main empirical results of this study are showing as followings: 1. From the causality results, rejection null hypothesis exists between seven variables, each variable has significant influence, showing that feedback relationship exists between seven variables and we can predict one variable from another. 2. From the variable analysis result, it shows that interest rate and imports are not easily affected by other variables; however, NTD interest rate has an influence on exports. Stock price index has a close relationship with NTD interest rate, and NTD exchange rate influences foreign exchange reserves; foreign exchange reserve is affected by NTD interest rate, stock price index, money supply, imports and interest rate. Stock price index affects interest rate; however, there is no significant influence between stock price index, rate and money supply. Exports do affect imports, and imports do affect money supply. 3. From the impulse response analysis, it shows that (1) when there’s an impact on exports, negative relationship exists between imports, interest rates and stock price index; (2) when there’s an impact on foreign reserve, negative relationship exists between exports, money supply, and NTD exchange rate, NTD exchange rate has the most significant negative influence, and other variables have positive influence; (3) when exchange rate variables occur, the relationship between NTD exchange rate, money supply, interest rate, and stock index is positive, the relationship between NTD exchange rate and other variables are negative; (4) when there’s an impact on exports, the relationship between exports, imports and money supply are positive, relationship between other variables are negative; (5) when there’s an impact on interest rate, there’s a positive relationship between exports, imports, NTD exchange rate, and relationship between other variables are negative; (6) when there’s an impact on money supply, it has positive relationship with stock index and negative relationship with money supply and exchange rate; (7) when there’s an impact on stock index, it has positive relationship with foreign exchange reserves and imports, and it has negative relationship with other negative variables, and it has less impact on interest rate. 4. The results of cointegration test show that long-term equilibrium relationship exists between these seven variables.
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Chou, Nien-Jane, and 周念蓁. "The International Role of the Euro - The Practical Analysis in Foreign Exchange Reserves." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/74288797855682111506.
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碩士國立臺灣大學
國際企業學研究所
101
The Eurozone is an economic union consisting of 17 member states. The population using the Euro has reached over 330 billion since its introduction as the official currency of the 17 participating nations in 2002. The single currency not only reduces the cost of money exchange between member states, but has also revived the European economy. Within just a decade, the Euro has managed to become the world’s second most important international currency, after the U.S. dollar. This research surveys the international role of the Euro; we start by discussing the functions of the currency, and then conclude with the factors that could affect international foreign exchange reserves choices. We use official foreign exchange reserves as a reference, due to the relatively complete and long-term statistical data available for these assets. We can estimate the probability of the Euro becoming the leading reserve currency (Chinn and Frankel 2007). Furthermore, through choosing independent variables such as economic performance, foreign exchange rate, inflation rate, foreign exchange trade volume etc., and combining this data with current events such as government deficits, we can simulate possible scenarios and predict future foreign exchange reserves trends.
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Hsin-ChuanChou and 周欣娟. "The Impact of Macroeconomic Variables and Major Eventson Foreign Exchange Reserves in China." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/13503357020303525720.
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碩士國立成功大學
國際企業研究所碩博士班
98
The purpose of this study was to discuss the impact of macroeconomic variables and major events on foreign exchange reserves in China. The major direction of the research was to determine the key factors of macroeconomics which affect China’s foreign exchange reserves. The research was additionally designed to create dummy variables into the regression model in order to examine the correlation between foreign exchange reserves and major events, including avian influenza, the managed floating exchange rate system adopted by China, the fifteen trade policies for Taiwan proposed by China and RMB transactions released to foreign banks by China. This study used monthly data from June 2003 to August 2007. After running Klein’s Method, a Nested Hypothesis test and the Durbin-Watson Test, adopting the Least Squares Method (OLS) and creating dummy variables to analyze influence, the results indicated that variables including per capita GDP, foreign direct investment, external debt and money supply had a positive impact on China’s foreign exchange reserves. On the other hand, the exchange rate variable and events including avian influenza, the managed floating exchange rate system adopted by China and RMB transactions released by China to foreign banks had a negative impact on China’s foreign exchange reserves. In addition, the empirical result was consistent with expected theoretical results, therefore, this empirical model could be considered as adequate and consistent with theory.
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Wang, Mengxue. "Essays on International Capital Flows." Thesis, 2020. https://doi.org/10.7916/d8-eebk-xy04.
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This dissertation consists of three essays on international capital flows. The first chapter documents the accumulation of foreign exchange reserves and the simultaneous increase in the foreign direct investment (FDI) for emerging market economies. The second chapter discusses the performance of FDI firms and domestic firms in creating jobs using firm-level data from Orbis. The third chapter studies the proper exchange rate and monetary policy when emerging market economies denominate their external debt in foreign currencies.
In Chapter 1, I study why emerging market economies hold high levels of foreign exchange reserves. I argue that foreign exchange reserves help emerging markets attract foreign direct investment. This incentive can play an important role when analyzing central banks' reserve accumulation. I study the interaction between foreign exchange reserves and foreign direct investment to explain the level of reserves using a small open economy model. The model puts the domestic entities and international investors in the same picture. The optimal level of the reserve-to-GDP ratio generated by the model is close to the level observed in East Asian economies. Additionally, the model generates positive co-movement between technology growth and the current account. This feature suggests that high technology growth corresponds to net capital outflow, because of the outflow of foreign exchange reserves in attracting the inflow of foreign direct investment, thus providing a rationale to the `allocation puzzle' in cross-economy comparisons. The model also generates positive co-movement between foreign exchange reserves and foreign debt, thus relating to the puzzle of why economies borrow and save simultaneously.
In Chapter 2, joint work with Sakai Ando, we study whether FDI firms hire more employees than domestic firms for each dollar of assets. Using the Orbis database and its ownership structure information, we show that, in most economies, domestic firms tend to hire more employees per asset than FDI firms. The result remains robust across individual industries in the case study of the United Kingdom. The analysis shows that an ownership change itself (from domestic to foreign or vice versa) does not have an immediate impact on the employment per asset. This result suggests that different patterns of job creation seem to come from technological differences rather than from different ownership structures.
In Chapter 3, I investigate how the devaluation of domestic currency imposes a contractionary effect on small open economies who have a significant amount of debt denominated in foreign currencies. Economists and policymakers express concern about the "Original Sin" situation in which most of the economies in the world cannot use their domestic currencies to borrow abroad. A devaluation will increase the foreign currency-denominated debt measured in the domestic currency, which will lead to contractions in the domestic economy. However, previous literature on currency denomination and exchange rate policy predicted limited or no contractionary effect of devaluation. In this paper, I present a new model to capture this contractionary devaluation effect with non-financial firms having foreign currency-denominated liabilities and domestic currency-denominated assets. When firms borrow from abroad and keep part of the asset in domestic cash or cash equivalents, the contractionary devaluation effect is exacerbated. The model can be used to discuss the performance of the economy in interest under exchange rate shocks and interest rate shocks. Future directions for empirically assessing the model and current literature are suggested. This assessment will thus provide policy guidance for economies with different levels of debt, especially foreign currency-denominated debt.
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廖韋綸. "The Impact of Tourism Policy and Exchange Rate Policy Announcement on Stock Prices and Foreign Reserves: Fixed Exchange Rate Regime Model." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/01727393212119474504.
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Wang, Pei-Chien, and 王貝倩. "Investigation of the Interactional Relationship among the Money Supply, Foreign Exchange Reserves, Interest Rate and Exchange Rate after the Mainland Financial Tsunami." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/98927925921824487585.
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碩士大葉大學
管理學院碩士在職專班
99
Century financial tsunami, so that the public rarely have tasted the bitter taste. China living in the global village can not stay out of course.The study is based on the money supply, foreign exchange reserves, interest rate and exchange rate for the study variables. Using Granger causality test, cointegration test and error correction model. To investigate the financial tsunami before and after the interactive relationship among the variables studied. Information on the period from January 2005 to September 2010 a total of 69 pen. The results showed:（1）Money supply and exchange rate is not causation in China.（2）Foreign exchange reserves leading exchange rate in China.（3）After the financial crisis in China lending rate, the overnight call rate leading nominal exchange rate .（4）Lending rate, the overnight call rate during the sample data in the longer term, leading money supply in China.（5）After the financial crisis and during the full sample data ,foreign exchange reserves leading the lending rate in China.（6）Foreign exchange reserves and the money supply is not causation in China. Described on the concept of integrated,in China foreign exchange reserves, money supply, exchange rates and interest rates results show, China is a special economy. Although the reform has been slow, but still not as free economy. So part of the overall interaction between the economic factor is not obvious. But the financial tsunami economic recession in the global economy. Governments mustering the force, reposition itself in a variety of policies to expand fiscal spending to boost the economy. China is also true.
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Feng, Po-chun, and 馮伯君. "The relationship between foreign exchange reserves and money supply -A study applying the Panel smooth transition regression." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/31498416320998406480.
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碩士國立高雄應用科技大學
金融資訊研究所
97
This paper employs panel smooth transition regression to investigate the non-linear relationship between money supply and foreign exchange reserves. Using money supply/foreign exchange reserves ratio as threshold variable, we study whether the influences of the change rate of foreign exchange reserves on the change rate of money supply are the same between the different money supply/foreign exchange reserves ratio regimes, employing monthly panel data of 35 countries from 1990 to 2006 and 1999 to 2006. The empirical results confirm the nonlinearity of link between the change rate of foreign exchange reserves and the change rate of money supply. They are positive relationships between these two variables no matter in higher or lower regimes. Being in higher levels of money supply/foreign exchange reserves ratio, the monetary authority will execute sterilization policy, which causes the change rate of money supply to change rate of foreign exchange reserve being decreasing.
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Yang, Sih-min, and 楊斯閔. "The Dynamic Impacts of Stamp Tax, Domestic Credit and Exchange Rate Policies on Stock Prices and Foreign Reserves." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/34420992648956319236.
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Chen, Chiu-chih, and 陳玖馳. "The Impact of Policy Announcement on Agricultural Spot Prices and Foreign Exchange Reserves： Agricultural Spot and Futures Model." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/28595775027640111026.
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