Determinants of foreign exchange reserves in Serbia and North Macedonia

Bošnjak, Mile; Bilas, Vlatka; Kordić, Gordana

doi:10.2298/eka2026103b

Cited by 3 publications

(6 citation statements)

References 20 publications

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“…Nedavna primjena kvantilnog regresijskog pristupa može se naći u Bošnjak et al (2020) ili Bošnjak et al (2021). Općenito, jednadžba je procijenjena primjenom kvantilnog regresijskog pristupa -kako bi se ilustrirali učinci kvantile zavisne varijable.…”

Section: Research Data and Methodologyunclassified

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Predicting LCR with GDP, NPLs and ROE

Vukas

Bošnjak

Šverko³

2022

Acta econ. tur. (Online)

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This paper aims to examine drivers of Liquidity coverage ratio (LCR) in Croatia. The intention of this study is to examine and analyse the effect of Return on Equity (ROE), Non-performing Loans (NPL), and Gross domestic product (GDP) on Liquidity Coverage Ratio (LCR) in the Croatian banking sector. The population of this study is Croatian banking sector from q3 2016 to q3 2021. Empirical results suggested real GDP growth rates and NPL levels as LCR drivers in Croatia while effects from ROE were not empirically supported. The results of this study indicate NPLs and GDP simultaneously affect LCR. Consequently, the study has implications for banks in Croatia.

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Section: Research Data and Methodologyunclassified

“…Recent application of quantile regression approach can be found in Bošnjak et al (2020) or Bošnjak et al (2021) among others. In general, equation was estimated by using quantile regression approach -to illustrate effects across quantile of dependent variable.…”

Section: Research Data and Methodologymentioning

confidence: 99%

Predicting LCR with GDP, NPLs and ROE

Vukas

Bošnjak

Šverko³

2022

Acta econ. tur. (Online)

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“…Ocenjeni koeficijenti su statistički signifikantni na nivou od 1%, izuzev koeficijenta uz REDK, koji je signifikantan na nivou značajnosti od 10%. Pozitivna vrednost koeficijenta uz BDP potvrđuje da sa rastom BDP-a rastu i devizne rezerve (nalaz je suprotan od ocene iznete u radu M. Bošnjak et al, 2020). Ova veza je očekivana jer povećanje BDP-a u otvorenoj privredi vodi rastu uvoza i izvoza, što nameće potrebu povećanja deviznih rezervi, kao garancija za normalno odvijanje plaćanja prema inostranstvu u slučaju udara na platni bilans.…”

Section: Empirijski Rezultati I Diskusijaunclassified

“…Može se istaći da se rezultati empirijskog istraživanja u ovom radu slažu sa sličnim analizama u literaturi (Magud & Sosa, 2010;Sula, 2011;Bruno & Shin, 2015), a delimično sa (Bošnjak et al, 2020), i da potvrđuju polazne hipoteze. Nalazi u radu imaju teorijske i praktične implikacije.…”

Section: Zaključakunclassified

“…U prvoj se nalaze radovi koji istražuju optimalni nivo deviznih rezervi (Frenkel & Jovanovic, 1981;Jeanne & Rancière, 2011;Aizenman & Sun, 2012;IMF, 2015). U drugu grupu spadaju radovi u kojim se istražuju faktori formiranja deviznih rezervi (Bahmani-Oskooee & Brown, 2002;Rogoff, Hussain, Mody, Brooks & Oomes, 2004;Sula, 2011;Bruno & Shin, 2015;Bošnjak, Bilas & Kordić, 2020).…”

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Serbia's foreign exchange reserve adequacy and the factors influencing their accumulation

Kovačević¹

2021

Ekon horizonti

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

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Accumulation of foreign exchange reserves in the function of preventing currency crisis

Đolić,

Marković,

Stojadinović-Jovanović

2024

Econ Sust Dev

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The purpose of the paper is to explain the importance of foreign exchange reserves (FER) for the protection of the country from potential currency vulnerability. FER are controlled by the central monetary institution of the country - the central bank. We have witnessed many currency, financial and economic crises that have hit various parts of the world in the past three decades. If there is no appropriate and timely reaction of the central bank in crisis conditions or there is a bad choice of the exchange rate regime (ERR), it can lead to unforeseeable consequences for the economy and the entire society of the country. The paper will benefit monetary policy makers in order to review the optimality of FER and the sustainability of the current ERR.

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Determinants of foreign exchange reserves in Serbia and North Macedonia

Cited by 3 publications

References 20 publications

Predicting LCR with GDP, NPLs and ROE

Predicting LCR with GDP, NPLs and ROE

Serbia's foreign exchange reserve adequacy and the factors influencing their accumulation

Accumulation of foreign exchange reserves in the function of preventing currency crisis

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