| 000 -LEADER |
|---|
| fixed length control field |
01380pab a2200157 454500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
180718b1996 xxu||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Pattanaik, Sitikantha |
| 245 ## - TITLE STATEMENT |
|---|
| Title |
Management of official reserves: the perspectives and the Indian experience |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. |
|---|
| Date of publication, distribution, etc. |
1996 |
| 300 ## - PHYSICAL DESCRIPTION |
|---|
| Extent |
p.93-120 |
| 362 ## - DATES OF PUBLICATION AND/OR SEQUENTIAL DESIGNATION |
|---|
| Dates of publication and/or sequential designation |
Jun |
| 520 ## - SUMMARY, ETC. |
|---|
| Summary, etc. |
"The paper highlights some of the issues relating to management of official reserves in the context of a market based exchange rate policy, a liberalised payments regime and the healthy build up of reserves experienced since April 1993 in India. The focus is on identifying the major determinants of demand for reserves and estimating the reserve demand function which would help in assessing reserve optimality. Econometric analysis conducted in the paper using both conventional and cointegration techniques indicates that volume of international transactions (i.e. scale factors) and the volatility of such transactions (i.e. instability) are the important determinants of demand for reserves in India which underscores the importance of a stable external environment for management of reserve levels. The cointegration results also establish the opportunity costs of holding reserves as another important determinant of reserve demand in India" |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name entry element |
Foreign exchange |
| 773 ## - HOST ITEM ENTRY |
|---|
| Main entry heading |
Reserve Bank of India: Occasional Papers |
| 909 ## - |
|---|
| -- |
32086 |
