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The issue of global imbalances already emerged in the pre-crisis era, albeit in a different context. Research was mostly concentrated on analysing how distortions in the external positions of the main countries would affect future turbulence on foreign exchange markets and in the real sector before reaching new equilibrium points. This article addresses the problem in a different manner by describing...
The paper makes analysis of the optimal currency composition of international reserves based on Markowitz mean-variance model using Monte Carlo simulation for solution. We calculate US dollar and Euro as the two major reserve currencies for 2007 through 2009, which is also the financial crisis stage. The model suggests to decrease US dollar in late 2007 and to increase US dollar in mid 2008. Our findings...
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