01610cas a2200241 a 4500 AALejournalIMF009955 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451947328 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. The Demand Cor International Reserves and their Opportunity Cost. Washington, D.C. : International Monetary Fund, 1988. 1 online resource (30 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students An empirical study that shows that countries' reserve holdings are sensitive to the rates at which they can borrow on international financial markets, this analysis confirms the view that holding major currencies as reserve assets has costs that are frequently unrecognized. Between 1978-82 for 24 sample countries, and between 1978-86 for the same sample less those countries with debt-servicing difficulties, international borrowing costs were found to be a highly significant determinant of reserve holdings-particularly before 1982 for the group with debt difficulties. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1988/105 Full text available on IMF http://elibrary.imf.org/view/journals/001/1988/105/001.1988.issue-105-en.xml IMF e-Library