Gold and Foreign Exchange Reserves: History, Definition, Composition and Modern Functions

Author:

Narkevich S.1

Affiliation:

1. Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia); Gaidar Institute for Economic Policy (Moscow, Russia)

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.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance

Reference42 articles.

1. Bank of Russia (2014). Review of Bank of Russia’s activities on foreign exchange assets management, Issue 3 (31). (In Russian).

2. Drobyshevsky S., Kozlovskaya A., Levchenko D., Ponomarenko S., Trunin P., Chetverikov S. (2003). Comparative analysis of monetary policy in transition economies (Working Papers No. 58). Moscow: Institute for the Economy in Transition. (In Russian).

3. Evdokimova T. V., Zubarev A. V., Trunin P.  V. (2013). The Impact of the real ruble exchange rate on the economic activity in Russia (Working Papers No. 165). Moscow: Gaidar Institute Publ. (In Russian).

4. Zolotareva A., Drobyshevsky S., Sinelnikov S., Kadochnikov P. The Prospects for Creating a Stabilization Fund in the Russian Federation (Working Papers No. 27P). Moscow: Institute for the Economy in Transition. (In Russian).

5. IMF (2012). Balance of payments and international investment position manual. Washington, DC. (In Russian).

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