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Open Economies Review
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Open Economies Review - Call for Papers - Special Issue or Section on “Recent Trends in International Reserves: Theory and Evidence”

Guest Co-Editor: Alexander Mihailov
Editor-in-Chief: George Tavlas

The 1st Lille-Reading Workshop on International Finance, with a focus theme this year on “Recent Trends in International Reserves: Theory and Evidence”, was held online at the University of Reading (UK) on 4-5 November 2021. The workshop was jointly organised by Lille Economie Management (LEM-CNRS) (this opens in a new tab) – University of Lille (France), the Economic Analysis Research Group (EARG) (this opens in a new tab) – University of Reading (UK), the Money, Macro and Finance Society (MMFS, UK) and the European Research Group (GdRE) in Money, Banking and Finance (France/EU). The programme and video recordings of the sessions and the keynote talk are available on the workshop website (this opens in a new tab) and the MMFS website (this opens in a new tab). Following the workshop, a special issue, or section, of Open Economies Review (this opens in a new tab) will be published by the end of 2022, selecting papers presented at the workshop as well as additionally submitted papers on the theme of focus of the workshop. We solicit theoretical as well as empirical or computational papers to potentially be included in this special issue, or section.


Subject
There has been a recent upward trend in central banks’ holdings of international reserves. What are the causes and the consequences of such a trend? Do central banks aim at building buffers as an insurance against shocks (sudden stops, capital flight or a fall in commodity prices)? Do they seek to alter the real exchange rate? Is foreign exchange intervention a mean to conduct standard monetary policy despite the zero lower bound constraint? Do countries have large international reserves to retain some autonomy in the conduct of monetary policy with a flexible exchange rate and open capital accounts? Or is the accumulation of international reserves a tool for financial stability? Does the accumulation of international reserves spur inflation and private debt? How does climate change or the COVID-19 pandemic affect the accumulation and use of reserves?


Topics (include – but are not limited to):

  • The optimal level of international reserves 
  • International reserves as a tool for macroprudential policy 
  • Current account imbalances, net foreign assets and international reserves 
  • The zero lower bound, the trilemma and international reserves 
  • The role of reserves in the international transmission of shocks 
  • The consequences of increasing holdings of foreign exchange reserves 
  • Climate change and international reserves 
  • Cryptocurrencies, central bank digital currencies and international reserves 
  • The COVID-19 pandemic and international reserves


Submission procedure
Please submit your completed paper by e-mail as pdf file attachment to Alexander Mihailov (this opens in a new tab) (University of Reading) at a.mihailov@reading.ac.uk (this opens in a new tab). The deadline for submission is 31 January 2022. Decisions, after a standard – but accelerated – refereeing process, will be circulated by 15 April 2022. Invited revisions will be due by 30 June 2022.

Download PDF here (this opens in a new tab).

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