Please use this identifier to cite or link to this item: http://hdl.handle.net/11718/21832
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dc.contributor.authorGopalakrishnan, Balagopal
dc.contributor.authorMohapatra, Sanket
dc.date.accessioned2019-05-14T01:42:14Z
dc.date.available2019-05-14T01:42:14Z
dc.date.issued2017
dc.identifier.citationGopalakrishnan, B., Mohapatra, S. (2017). Global risk and demand for gold by central banks. Applied Economics Letters, 25(12), 835-839. https://doi.org/10.1080/13504851.2017.1371837en_US
dc.identifier.urihttp://hdl.handle.net/11718/21832
dc.description.abstractThis article examines the influence of global risk on the holding of gold by central banks based on annual data for 100 countries during 1990–2015. We use a dynamic panel generalized method of moments model to estimate this effect, controlling for a variety of domestic factors. Consistent with portfolio diversification and perception of gold as a safe asset, we find that the gold holdings of central banks increase in response to higher global risk. This effect varies based on the levels of capital account openness, reserve adequacy, income status and currency regimes. These findings suggest that central banks adjust their gold holdings in response to changes in global risk conditions, with the magnitude of response depending on country-specific vulnerabilities.en_US
dc.publisherTaylor and Francisen_US
dc.subjectGolden_US
dc.subjectCentral banksen_US
dc.subjectGlobal risk diversificationen_US
dc.subjectCapital account opennessen_US
dc.titleGlobal risk and demand for gold by central banksen_US
dc.title.alternativeApplied Economics Lettersen_US
dc.typeArticleen_US
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