Advanced Search
MyIDEAS: Login to save this article or follow this journal

Consideraciones sobre el nivel óptimo de reservas internacionales para Bolivia: 2003-2009


Author Info

  • Cerezo Aguirre, Sergio Cerezo Aguirre

    (Banco Central de Bolivia)

Registered author(s):


    En los últimos años, Bolivia ha acumulado un nivel importante de reservas internacionales, debido a la favorable coyuntura externa y al régimen cambiario vigente (crawling peg). En ese contexto nace la interrogante de cuál es el nivel óptimo de reservas internacionales. Según los indicadores tradicionales de adecuación de reservas, y de acuerdo a un modelo que muestra el rol de las reservas como mitigadora de shocks externos adversos, las reservas óptimas se ubican por debajo de las efectivas constituidas en el banco central desde 2007. Este resultado se mantiene aun cuando se excluyen de las reservas efectivas el oro y los depósitos en moneda extranjera del sector público no financiero en el banco central. Sin embargo, un análisis de sensibilidad muestra que las reservas óptimas pueden incrementarse notablemente si cambian algunos fundamentos macroeconómicos.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL:
    File Function: Full text
    Download Restriction: no

    Bibliographic Info

    Article provided by Instituto de Investigaciones Socio-Económicas (IISEC), Universidad Católica Boliviana in its journal Revista Latinoamericana de Desarrollo Economico.

    Volume (Year): (2010)
    Issue (Month): 14 ()
    Pages: 41-70

    as in new window
    Handle: RePEc:ris:revlde:1402

    Contact details of provider:
    Postal: Universidad católica Boliviana San Pablo, Instituto de Investigaciones Socio Económicas, Av. 14 de septiembre 4807. Obrajes, La Paz, Bolivia
    Phone: (591-2) 784159
    Fax: (591-2) 786707
    Web page:
    More information through EDIRC

    Related research

    Keywords: Reservas internacionales; crisis en la balanza de pagos; dolarización;

    Find related papers by JEL classification:


    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Hutchison, Michael M. & Noy, Ilan, 2006. "Sudden stops and the Mexican wave: Currency crises, capital flow reversals and output loss in emerging markets," Journal of Development Economics, Elsevier, Elsevier, vol. 79(1), pages 225-248, February.
    2. Wendell A. Samuel & Emilio Pineda & Mario Dehesa, 2009. "Optimal Reserves in the Eastern Caribbean Currency Union," IMF Working Papers, International Monetary Fund 09/77, International Monetary Fund.
    3. Mariusz A. Sumlinski, 2008. "International Reserves-Too Much of a Zipf's Thing," IMF Working Papers, International Monetary Fund 08/11, International Monetary Fund.
    4. Christian B. Mulder & Matthieu Bussière, 1999. "External Vulnerability in Emerging Market Economies," IMF Working Papers, International Monetary Fund 99/88, International Monetary Fund.
    5. David Hauner, 2006. "A Fiscal Price Tag for International Reserves," International Finance, Wiley Blackwell, Wiley Blackwell, vol. 9(2), pages 169-195, 08.
    6. Holger Floerkemeier & Mariusz A. Sumlinski, 2008. "International Reserve Trends in the South Caucasus and Central Asia Region," IMF Working Papers, International Monetary Fund 08/41, International Monetary Fund.
    7. Eduardo Levy Yeyati, 2008. "Liquidity Insurance in a Financially Dollarized Economy," NBER Chapters, National Bureau of Economic Research, Inc, in: Financial Markets Volatility and Performance in Emerging Markets, pages 185-218 National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)



    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


    Access and download statistics


    When requesting a correction, please mention this item's handle: RePEc:ris:revlde:1402. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Tirza July Aguilar Salas).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.