Determinanty kompozycji rezerw walutowych - Euro w światowej strukturze rezerw

Abstract

There are many determinants of currency composition of foreign reserves. The most important are: the currency pegs, the direction of trade, the currency of foreign debt, the liquidity and depth of financial markets. Accumulation of foreign reserves and euro as a new currency add a new stimulus to a diversification of reserves. However, there is high inertia in reserve composition. Well developed financial markets of the EMU as well as the output and size of its economy are incentives for monetary authorities to reconsider the currency composition of their official reserve holdings. Although the increase in the share of the euro is partly driven by its appreciation during 2002- 2004 and changes in the IMF’s methodology in compiling the data, since its introduction in 1999 the single European currency is gradually becoming more important, especially in the developing world.