Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168184
Authors: 
Steiner, Andreas
Year of Publication: 
2017
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2017: Alternative Geld- und Finanzarchitekturen - Session: Taxation IV D19-V1
Abstract: 
Central banks invest their foreign exchange reserves predominantly in government securities. By means of a panel data analysis we examine the relationship between reserve currency status and public budget balance during different constellations of the international monetary system: the sterling period (1890-1935) and the dollar dominance (since World War II). We show for both periods that reserve currency status significantly lowers the public budget balance of the center countries.
JEL: 
F31
F33
F41
H62
E62
C23
Document Type: 
Conference Paper

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