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Journal Articles | 2021

Central bank gold reserves and sovereign credit risk

Sawan Rathi, Sanket Mohapatra, and Arvind Sahay

Finance Research Letters

Gold holdings with central banks are often considered to play a stabilizing role in times of crisis. This paper performs a cross-country panel data analysis of developed and developing countries to determine whether gold holdings of central banks contribute to sovereign creditworthiness. Our analysis confirms that an increase in central bank gold reserves reduces the credit default swap (CDS) spreads of a country. We also observe that during global crisis and country-specific crisis episodes, the role of central bank gold becomes even more important. In robustness tests, we account for potential endogeneity of central bank gold reserves using a Generalized Method of Moments (GMM) approach. The findings highlight the importance of gold in central bank reserves and indicate a positive role of gold in mitigating a nations external vulnerabilities in an uncertain global economic environment.

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Books | 2021

Elephants and cheetahs: The beauty of operations

Saral Mukherjee

Penguin Random House

Books | 2021

Applied advanced analytics

Arnab K. Laha

Springer

Books | 2021

Demystifying leadership: Unveiling the Mahabharata code

Asha Kaul and Vishal Gupta

Bloomsbury

Books | 2021

Special Topics and Particular Occupations, Professions and Sectors - Handbooks of workplace bullying, emotional abuse and harassment Vol 4

Premilla D'Cruz, Ernesto Noronha, Loraleigh Keashly and Stacy Tye-Williams

Springer

Books | 2021

Dignity and Inclusion at Work - Handbooks of workplace bullying, emotional abuse and harassment Vol 3

Premilla D'Cruz, Ernesto Noronha, Carlo Caponecchia, Jordi Escartin, Denise Salin and Michelle Tuckey

Springer

Books | 2021

Pathways of Job-related Negative Behaviour - Handbooks of workplace bullying, emotional abuse and harassment Vol 2

Premilla D'Cruz, Ernesto Noronha, Elfi Baillien, Bevan Catley, Karen Harlos, Annie Hogh and Eva Gemzoe Mikkelsen

Springer

Books | 2021

Concepts, approaches and methods - Handbooks of workplace bullying, emotional abuse and harassment Vol1

Premilla D'Cruz, Ernesto Noronha, Guy Notelaers and Charlotte Rayner

Springer

Books | 2021

Lawfully Yours: The realm of business, government and law.

Anurag K. Agarwal

Bloomsbury

Books | 2021

Asian perspectives on workplace bullying and harassment

Premilla D´Cruz, Ernesto Noronha and Avina Mendonca

Springer

IIMA