Leonardo Vera () (Universidad Central de Venezuela) Luis Zambrano Sequín () (Universidad Católica Andrés Bello)
Abstract
Based on a standard set of factors pointed out by the literature we analyze the recent and rapid accumulation of international reserves in Venezuela. Among other things, we characterize the Venezuelan case and conduct a statistical analysis using a quarterly time series model between 1996 and 2004. The specification follows closely Aizenman and Marion (2002). Both a static and dynamic econometric version of the model allows us to report some of the factors that influence the decision to hold foreign exchange reserves. When we calculate the adequate level of reserves, using the econometric specifications, we found that excess reserves are not currently high and that the results do not diverge much from the traditional Heller's methodology. Finally, we undertake an evaluation of the alternatives pointed out for excess reserves manage-ment in Venezuela.
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Article provided by Ilades-Georgetown University, Economics Department in its journal Revista de Analisis Economico.
Volume (Year): 20 (2005) Issue (Month): 1 (June) Pages: 63-94 Download reference. The following formats are available: HTML,
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Find related papers by JEL classification: E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies F31 - International Economics - - International Finance - - - Foreign Exchange O24 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
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