برآورد تابع تقاضاي ذخاير ارزي براي كشورهاي صادركننده مواد خام

Demand for International Reserves in Resource Based Countries

An empirical analysis of demand for international reserves for twenty Resource- Based Countries is investigated, which is based on a error correction model, and panel data is used for estimation. Besides addressing conventional issues, the model explicity incorporates the impact of expected exporting revenues and the impact of the exchange rate system on reserve demand. The result reveals that, shortrun money market disequilibrium have not any significant effect on demand for international reserve in resource based countries. In addition, expected exporting revenues have positive longrun effect, while exchange rate flexibility has negative effect on demand for reserve in these countries.