2012
International Reserves and the Financial Crisis: Monetary Policy Matters
BENECKÁ, SoňaBasic information
Original name
International Reserves and the Financial Crisis: Monetary Policy Matters
Name in Czech
Devizové rezervy a finanční krize: úloha měnové politiky
Authors
BENECKÁ, Soňa (203 Czech Republic, guarantor, belonging to the institution)
Edition
ACTA VŠFS, Praha, Vysoká škola finanční a správní, o.p.s. 2012, 1802-792X
Other information
Language
English
Type of outcome
Article in a journal
Field of Study
50200 5.2 Economics and Business
Country of publisher
Czech Republic
Confidentiality degree
is not subject to a state or trade secret
References:
RIV identification code
RIV/04274644:_____/12:#0000002
Organization unit
University of Finance and Administration
Keywords in English
foreign exchange reserves; inflation targeting; crisis
Tags
Tags
Reviewed
Changed: 24/3/2017 09:14, Ing. Dominika Moravcová
Abstract
V originále
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.
