Polityka zarządzania rezerwą dewizową

• Autorzy: Janusz Sawicki

Warianty tytułu

The Policy of Foreign Exchange Reserve Management

• Języki publikacji: PL

Abstrakty

W artykule przedstawiamy rodzaje i cel tworzenia rezerw dewizowych na szczeblu krajowym. Badamy zależność poziomu rezerw od zmian wielkości i struktury przepływów kapitałowych rejestrowanych na rachunkach bilansu płatniczego oraz korelację pomiędzy rezerwami i komponentami międzynarodowej pozycji inwestycyjnej. Analizujemy stopnień zdywersyfikowania w gospodarkach UE poziomu rezerw, ich zależności od zmian w przepływach kapitałowych i wpływu na strukturę krajowej absorpcji. Zabezpieczenie gospodarki przed skutkami szokowych zmian poziomu i struktury przepływu kapitałów wpływających na poziom absorpcji wewnętrznej kosztuje. W artykule szacujemy bieżące koszty utrzymywania rezerw dewizowych oraz ich wpływ na stopę inwestycji krajowych. Wyniki analiz przedstawiamy dla krajów Unii Europejskiej, wykorzystując dane z ostatnich dwudziestu latach. (abstrakt oryginalny)

EN

In his article, the author presents the types and the objective of creation of foreign exchange reserves at the national level. He examines the dependence of the level of reserves on changes in the volume and structure of capital flows registered on accounts of the balance of payments as well as the correlation between the reserves and the components of the international investment position. He also analyses the degree of diversification in the EU economies of the level of reserves, their dependence on the changes in capital flows and the impact on the structure of national absorption. Protection of the economy against the consequences of chock changes on the level and structure of capital flows affecting the level of internal absorption incurs costs. In his article, the author estimates the current costs of maintaining foreign exchange reserves and their impact on the rate of domestic investment. The analyses findings are presented for the European Union countries making use of the data for the recent twenty years. (original abstract)

Słowa kluczowe

PL

Rezerwy walutowe; Bilans płatniczy

EN

Foreign exchange reserves; Balance of payments

• Czasopismo: Zeszyty Naukowe Uczelni Vistula
• Rocznik: 2018
• Numer: nr 62(5)
• Strony: 174--201

Twórcy

autor

Janusz Sawicki

• Akademia Finansów i Biznesu Vistula - Warszawa

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