Gold Price as Another Determinant of Demand for International Reserves

descriptionPublicationkeyboard_double_arrow_right Article 01 Apr 1984 English Publisher:EmeraldJournal:Journal of Economic Studies, volume 11, pages 23-32 (issn: 0144-3585,

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Authors: Mohsen Bahmani‐Oskooee;

doi: 10.1108/eb002587

Gold Price as Another Determinant of Demand for International Reserves

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Abstract

Various authors have tried to verify the importance of different variables in the reserve demand equation. This article introduces a new independent variable, the gold price, into the reserve demand function. By pooling cross‐section and time‐series (quarterly) data for 19 industrial countries over the 1973–1981 period, a reserve demand equation is estimated. It is concluded that the price of gold exerts a significantly negative effect on the demand for international liquidity.

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University of Wisconsin–Milwaukee
United States

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