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Gold and Foreign Exchange Reserves: History, Definition, Composition and Modern Functions
https://doi.org/10.32609/0042-8736-2015-4-86-105
Abstract
The article deals with the concept of gold and foreign exchange reserves and the role they play in the present-day economy. Recently the stock of foreign exchange reserves accumulated across the world has grown substantially. In many cases it was connected with the functions they play in the current monetary policy. Possibilities to use such reserves to counter balance of payments shocks or for achieving export-oriented growth make them an important macroeconomic stability tool.
Keywords
foreign exchange policy,
foreign exchange reserves,
trade shocks,
balance of payment shocks,
export-oriented growth
JEL: E51, E58, F31, F32, F33
About the Author
S. Narkevich
Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia); Gaidar Institute for Economic Policy (Moscow, Russia)
Russian Federation
Russian Federation
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For citations:
Narkevich S. Gold and Foreign Exchange Reserves: History, Definition, Composition and Modern Functions. Voprosy Ekonomiki. 2015;(4):86-105. (In Russ.) https://doi.org/10.32609/0042-8736-2015-4-86-105
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