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| Author: | Badinger, H. |
| Title: | Austria's demand for international reserves and monetary disequilibrium: the case of a small open economy with a fixed exchange rate regime |
| Journal: | Economica
2004 : FEB, VOL. 71:281, p. 39-55 |
| Index terms: | Disequilibrium theory Exchange rates International reserves Austria |
| Language: | eng |
| Abstract: | Austria's demand for international reserves are estimated over the period 1985:1-1997:4 and short-run effects of the disequilibrium are tested for on the national monetary market using a vector error correction approach. It is found that Austria's long-run reserve demand can be described as a stable function of imports, uncertainty and the opportunity cost of holding reserves with strong economies of scale. |
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