Replication data for: Trade Invoicing, Bank Funding, and Central Bank Reserve Holdings
Principal Investigator(s): View help for Principal Investigator(s) Gita Gopinath; Jeremy C. Stein
Version: View help for Version V1
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Project Citation:
Gopinath, Gita, and Stein, Jeremy C. Replication data for: Trade Invoicing, Bank Funding, and Central Bank Reserve Holdings. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-13. https://doi.org/10.3886/E114464V1
Project Description
Summary:
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We develop a model that shows how the currency denomination of a country's imports influences the funding structure of its banking system, and in turn, the currency composition of its central bank's reserve holdings. The link between the dollar's role in bank funding and its role as a central bank reserve currency is stronger when the country's fiscal capacity is limited, and when exchange rates are volatile. In the data, there is a pronounced cross-country relationship between the fraction of imports that are dollar invoiced, and the fraction of central-bank foreign-exchange reserves that are held in dollars.
Scope of Project
JEL Classification:
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E44 Financial Markets and the Macroeconomy
E58 Central Banks and Their Policies
F14 Empirical Studies of Trade
F31 Foreign Exchange
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
E44 Financial Markets and the Macroeconomy
E58 Central Banks and Their Policies
F14 Empirical Studies of Trade
F31 Foreign Exchange
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
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