This study examines the impact of international reserves on real exchange rate (RER) stability in the Europe and Central Asia (ECS) region, focusing on how financial development levels affect this relationship. Using panel threshold regression, the analysis reveals that international reserves significantly stabilize RER when reserves exceed 17.28 % of GDP, especially in countries with underdeveloped financial systems. The findings suggest that reserves play a more critical role in less developed financial markets, providing insights for policymakers on optimal reserve management and financial development strategies in emerging economies.

中文翻译：

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金融发展、国际储备和实际汇率动态：来自欧洲和中亚地区的洞察


本研究考察了国际储备对欧洲和中亚 （ECS） 地区实际汇率 （RER） 稳定性的影响，重点关注金融发展水平如何影响这种关系。使用面板阈值回归，分析表明，当储备超过 GDP 的 17.28% 时，国际储备显着稳定了 RER，尤其是在金融体系不发达的国家。研究结果表明，储备金在欠发达金融市场中发挥着更关键的作用，为政策制定者提供了关于新兴经济体最佳储备管理和金融发展战略的见解。