Abstract:
Based on the panel data of 103 developing economies during the period of 1980-2014, this paperinvestigatesthe relationshipbetweenUS monetary policy and foreign exchange reserves of developing economies.Empirical results show that: the increase of federal funds effective rate will reduce the level of foreign exchange reserves of developing economies;otherwise it will increase the level of foreign exchange reserves. Empirical results also show that traditional macrovariables, financial variables and country specific variables are significant determinant factors of developing economies' foreign exchange reserves.
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