Determinants of the physical demand for gold: Evidence from panel data

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Determinants of the physical demand for gold: Evidence from panel data

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dc.contributor.author Starr, Martha A.
dc.contributor.author Tran, Ky
dc.date.accessioned 2009-02-20T14:27:27Z
dc.date.available 2009-02-20T14:27:27Z
dc.date.created 2007-07
dc.date.issued 2007-07
dc.identifier.uri http://hdl.handle.net/1961/4992
dc.description Working Paper No. 2007-09. 25 pages. en
dc.description.abstract Although the role of gold in the world economy has declined since the gold standard was abandoned, it remains important as a central bank reserve, a hedge against risks, a barometer of geopolitical uncertainty, and an input for jewelry. While portfolio demand for gold has been well studied, determinants of physical demand are less understood. Certain emerging-market countries like China and India import substantial amounts of gold, with several factors that may contribute: low financial development, need for precautionary savings, and/or strong cultural valuation of gold itself. This paper uses panel data on gold imports of 21 countries to examine determinants of physical demand. We find that determinants of physical demand differ from those of portfolio demand, and that they differ between the developed and developing worlds. en
dc.description.sponsorship Department of Economics, American University en
dc.language.iso en_US en
dc.publisher Department of Economics, American University en
dc.rights Copyright © 2007 by Martha Starr, Ky Tran. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies. en
dc.subject.other Physical gold demand en
dc.subject.other investment en
dc.subject.other savings en
dc.subject.other precautionary wealth en
dc.title Determinants of the physical demand for gold: Evidence from panel data en
dc.type Working Paper en


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