The demand for international reserves in a regime of floating exchange rates: Some empirical evidence |
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| Affiliation: | 1. Inter-American Development Bank, United States;2. Banco de la República, Colombia;3. The Centre for Competitive Advantage in the Global Economy at the University of Warwick, United Kingdom |
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| Abstract: | In this note the demand for international reserves during the recent float is analysed using a pooled cross-section, time-series data base. The main objective of the analysis is to demonstrate the importance of stochastic shocks in determining the demand for international reserves in a regime of floating exchange rates. |
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