Original title: Zlatá rezerva Centrální banky a cenová stabilita
Translated title: Gold in Central Bank Reserves and Price Stability
Authors: Melnychuk, Olena ; Havránek, Tomáš (advisor) ; Dědek, Oldřich (referee)
Document type: Master’s theses
Year: 2019
Language: eng
Abstract: There is a traditional view that central banks should hold enough gold in their reserves to be considered financially secure and keep low inflation. However, after the fall of the Bretton-Woods system, many central banks have been decreasing its gold reserves by converting gold into other assets and still they do not experience high inflation. This thesis aims to answer the question if gold reserves of central banks indeed positively affect price stability. We use the panel data for 110 countries for the period from 2000 to 2016. We find that there is a significant negative effect of central banks' gold reserves on inflation but only if we control the proxy variables for the financial strength of central banks. Furthermore, the significance holds only for the inflation-targeting countries, there are no significant effects for the whole data sample. JEL Classification: E31, E52, E58, F41, G11, G21 Keywords: Gold reserves, Central Banks, Inflation rate, Price Stability Author's e-mail: 73099909@fsv.cuni.cz Supervisor's e-mail: tomas.havranek@fsv.cuni.cz
Keywords: Central Banks; Gold reserves; Inflation rate; Price Stability

Institution: Charles University Faculties (theses) (web)
Document availability information: Available in the Charles University Digital Repository.
Original record: http://hdl.handle.net/20.500.11956/104756

Permalink: http://www.nusl.cz/ntk/nusl-392641


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Universities and colleges > Public universities > Charles University > Charles University Faculties (theses)
Academic theses (ETDs) > Master’s theses