Detail práce

Gold in Central Bank Reserves and Price Stability

Autor: Mgr. Olena Melnychuk
Rok: 2019 - zimní
Vedoucí: doc. PhDr. Tomáš Havránek Ph.D.
Konzultant:
Typ práce: Diplomová
MEF
Jazyk: Anglicky
Stránky: 74
Ocenění:
Odkaz: https://is.cuni.cz/webapps/zzp/detail/193180/
Abstrakt: There is a traditional view that central banks should hold enough gold in their reserves
to be considered financially secure and keep low inflation. However, after the fall of the
Bretton-Woods system, many central banks have been decreasing its gold reserves
by converting gold into other assets and still they do not experience high inflation. This
thesis aims to answer the question if gold reserves of central banks indeed positively
affect price stability. We use the panel data for 110 countries for the period from 2000
to 2016. We find that there is a significant negative effect of central banks’ gold
reserves on inflation but only if we control the proxy variables for the financial strength
of central banks. Furthermore, the significance holds only for the inflation-targeting
countries, there are no significant effects for the whole data sample

Partneři

Deloitte

Sponzoři

CRIF
McKinsey
Patria Finance