{"id":18223,"date":"2026-06-04T21:17:41","date_gmt":"2026-06-04T18:17:41","guid":{"rendered":"https:\/\/www.poleconomix.gr\/portal\/?p=18223"},"modified":"2026-06-04T21:17:41","modified_gmt":"2026-06-04T18:17:41","slug":"not-all-foreign-exchange-reserves-are-created-alike","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/not-all-foreign-exchange-reserves-are-created-alike\/","title":{"rendered":"Not all foreign exchange reserves are created alike"},"content":{"rendered":"\n<p><a href=\"https:\/\/cepr.org\/about\/people\/antonin-chenard\">Antonin Chenard<\/a>, <a href=\"https:\/\/cepr.org\/about\/people\/barry-eichengreen\">Barry Eichengreen<\/a>, <a href=\"https:\/\/cepr.org\/about\/people\/eric-monnet\">Eric Monnet<\/a>, <a href=\"https:\/\/cepr.org\/about\/people\/florian-morvillier\">Florian Morvillier<\/a><\/p>\n\n\n\n<p>The motives for the accumulation and management of foreign exchange reserves are a key topic in international economics. This column highlights an aspect of the international monetary system that has been the subject of little research: the distinction between foreign exchange reserves held as deposits and securities. Using new data for 109 countries since 1950, it documents a major shift toward securities starting in the late 1990s. This reflected reserve accumulation beyond immediate liquidity needs, consistent with mercantilist motives.<\/p>\n\n\n\n<p>\u03a0\u03b7\u03b3\u03ae: Voxeu<\/p>\n\n\n\n<p><a href=\"https:\/\/cepr.org\/voxeu\/columns\/not-all-foreign-exchange-reserves-are-created-alike\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Antonin Chenard, Barry Eichengreen, Eric Monnet, Florian Morvillier The motives for the accumulation and management of foreign exchange reserves are a key topic in international economics. This column highlights an aspect of the international monetary system that has been the subject of little research: the distinction between foreign exchange reserves held as deposits and securities. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,4,38],"tags":[],"class_list":["post-18223","post","type-post","status-publish","format-standard","hentry","category-18","category-proposals","category-38"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/18223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=18223"}],"version-history":[{"count":1,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/18223\/revisions"}],"predecessor-version":[{"id":18224,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/18223\/revisions\/18224"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=18223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=18223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=18223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}