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RBA Glossary definition for international reserves

international reserves – Holdings by a central bank of foreign exchange and gold.

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Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency

1 Jul 1986 RDP 8610
Robert G. Trevor
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1986/8610.html

References

1 Jul 1986 RDP 8610
Robert G. Trevor
In R. Jones and P.B. Kenen (eds) (1985). Handbook of International Economics. ... A Model of International Asset Pricing. Journal of Financial Economics. IX, 383–406.
https://www.rba.gov.au/publications/rdp/1986/8610/references.html

Appendix: Derivation of Continuous Time Constraints

1 Jul 1986 RDP 8610
Robert G. Trevor
RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency Appendix: Derivation of Continuous Time Constraints. ... Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia
https://www.rba.gov.au/publications/rdp/1986/8610/appendix.html

The General Case

1 Jul 1986 RDP 8610
Robert G. Trevor
RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency 6. ... Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia acknowledges the Aboriginal and Torres Strait
https://www.rba.gov.au/publications/rdp/1986/8610/general-case.html

Example: Two Real Riskless Assets

1 Jul 1986 RDP 8610
Robert G. Trevor
RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency 3. ... Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia acknowledges the Aboriginal and Torres Strait
https://www.rba.gov.au/publications/rdp/1986/8610/example-two-real-riskless-assets.html

Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency

1 Jul 1986 RDP 8610
Robert G. Trevor
Research Discussion Paper – RDP 8610 Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency. ... Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia acknowledges the
https://www.rba.gov.au/publications/rdp/1986/8610/

The Model

1 Jul 1986 RDP 8610
Robert G. Trevor
Hence, models that embody this assumption are not market clearing models of international asset demand. ... Adler and Dumas (1983) follow much of the international literature and work in nominal terms.
https://www.rba.gov.au/publications/rdp/1986/8610/model.html

Introduction

1 Jul 1986 RDP 8610
Robert G. Trevor
RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency 1. ... However, this is the very property that seems to distinguish international finance from its closed economy counterpart.
https://www.rba.gov.au/publications/rdp/1986/8610/introduction.html

Concluding Observations

1 Jul 1986 RDP 8610
Robert G. Trevor
RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency 7. ... The model violates this necessary condition. Therefore it does not provide a micro-foundations theory of international asset demand.
https://www.rba.gov.au/publications/rdp/1986/8610/concluding-observations.html

Example: Many Assets

1 Jul 1986 RDP 8610
Robert G. Trevor
RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency 5. ... Neither of these is an admissable solution to a model that is intended to explain international portfolio holdings.
https://www.rba.gov.au/publications/rdp/1986/8610/example-many-assets.html