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Nivel de reservas internacionales y riesgo cambiario en Colombia

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  • David Fernando López Angarita

    (FiduPrevisora S. A.)

Abstract

The optimal reserve level theory aims to protect the economy against external shocks to its balance of payments, providing the international liquidity needed in emergency situations. The methodological applications available have limitations that compromise the results of the analysis of the optimal level in Colombia. This article offers an alternative approach to optimal international reserves and a consistent methodological framework to overcome these limitations and add trust to the monetary authorities and international agents.

Suggested Citation

  • David Fernando López Angarita, 2006. "Nivel de reservas internacionales y riesgo cambiario en Colombia," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 8(15), pages 117-159, July-Dece.
    • Handle: RePEc:rei:ecoins:v:8:y:2006:i:15:p:117-159
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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/dlopez15.pdf
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    More about this item

    Keywords

    international reserves; exchange risk; external shocks; international liquidity;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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