Serbia's foreign exchange reserve adequacy and the factors influencing their accumulation
نویسندگان
چکیده
In this paper, the adequacy of foreign exchange reserves in Serbia and factors that influence their accumulation is analyzed by means an econometric model. The relevant variables, such as gross domestic product (GDP), real effective rate (REER) monetary aggregate M2/GDP are included analysis. unit root tests applied research led to conclusion timeseries were integrated order I(1). cointegration test revealed there was one equation. regression model estimated using quarterly data for period from 2002q1 2020q3. coefficients showed economic activity approximated terms (GDP) had a significant on accumulation, which only followed appreciation pressure dinar (approximated REER index) money supply growth (estimated through M2/GDP). addition conventional factors, analysis also points out specific impact reserve Serbia. results study show greater than levels suggested standard optimality criteria. findings suggest it necessary take into account dividends realized investors, well some segments portfolio investment assessing indicator adequate level reserves.
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ژورنال
عنوان ژورنال: Ekonomski horizonti
سال: 2021
ISSN: ['1450-863X', '2217-9232']
DOI: https://doi.org/10.5937/ekonhor2101033k