How Long to Read Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB

How Long Does it Take to Read Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB?

It takes the average reader and 44 minutes to read Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB by MissYinqiu Lu

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Description

The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches—liquidity tranche and investment tranche—especially for those with adequate reserves. Incorporating reserve tranching, we have developed in this paper a central bank’s reserve portfolio choice model to analyze the determinants of the currency composition of reserves. In particular, we adopt the classical mean-variance framework for the investment tranche and the asset-liability framework for the liquidity tranche. Building on these frameworks, the roles of currency compositions in imports invoicing and short-term external debt, and risk and returns of reserve currencies can be quantified by our structural model—a key contribution of our paper given the absence of structural models in the literature. Finally, we estimate the potential paths of the share of RMB in reserves under different scenarios to shed light on its status as an international currency.

How long is Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB?

Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB by MissYinqiu Lu is 44 pages long, and a total of 11,176 words.

This makes it 15% the length of the average book. It also has 14% more words than the average book.

How Long Does it Take to Read Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB Aloud?

The average oral reading speed is 183 words per minute. This means it takes 1 hour and 1 minute to read Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB aloud.

What Reading Level is Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB?

Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB is suitable for students ages 8 and up.

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