Monetary Economics in Globalised Financial Markets by Ansgar Belke

By Ansgar Belke

This e-book integrates the basics of economic concept, financial coverage idea and fiscal marketplace conception, delivering an available advent to the workings and interactions of globalised monetary markets. comprises examples and vast info analyses.

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2trn seen in January 1995 (Fig. 6). Reserve accumulation in this period exhibited four features that seemed largely unprecedented; three of these features became particularly prominent in the period 2002–2004: – First, world reserves grew by around 85% (or 91% if the first eight months of 2005 were included), a pace three times faster than in the period 1999–2001. – Second, monetary authorities in Asia, including Japan until March 2004, accounted for the bulk of the accumulation; eight of them ranked among the ten largest reserve holders.

9 ... 9 Source: Bank for International Settlements (2003), Table 1. – Converted at end-of-year exchange rates. – CPSS represents average excluding those countries where data are not available. 5 59 63 67 71 75 79 83 87 91 95 99 03 07 Fig. 23 US means of payment in percent of nominal GDP Source: US Federal Reserve Bank of St. Louis, own calculations. Period: 1959-Q1 to 2007-Q4 This finding might reflect the decline in CPI inflation since the early 1980s (thereby lowering the opportunity costs of cash holdings) and changes in the demand for US currency held by abroad (Porter & Judson, 1996).

16 The item Reserves shows banks’ deposits at the Fed. Reserves consist of deposits at the Fed plus currency that is physically held by banks (vault cash). Reserves are assets for commercial banks but liabilities for the Fed: banks can demand payment on them at any time and the Fed is required to satisfy its obligation by paying Federal Reserve notes. Total reserves can be divided into two categories: reserves that the Fed requires banks to hold (required reserves) and any additional reserves the banks choose to hold (excess reserves).

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