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Nivel óptimo y adecuado de reservas internacionales

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  • Gerencia Técnica

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Abstract

Al administrar reservas internacionales los bancos centrales generalmente se enfrentan al problema de determinar su nivel óptimo o adecuado. En este documento se presenta una revisión crítica de algunas metodologías para el cálculo del saldo óptimo de reservas, así como un conjunto de indicadores de liquidez internacional cuya combinación arroja luces sobre el nivel adecuado de reservas internacionales de acuerdo con un método reciente propuesto por el Fondo Monetario Internacional (FMI). A través de diferentes ejercicios, se ilustra la alta sensibilidad de los resultados de los modelos sobre el nivel “óptimo” de reservas ante variaciones factibles de sus parámetros. Adicionalmente estos modelos suponen un nivel dado de pasivos externos de corto plazo del país. Estos factores limitan de forma significativa la utilidad práctica de estos modelos en la administración de las reservas internacionales.

Suggested Citation

  • Gerencia Técnica, 2012. "Nivel óptimo y adecuado de reservas internacionales," Borradores de Economia 727, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:727
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    File URL: http://www.banrep.gov.co/docum/ftp/be_727.pdf
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    References listed on IDEAS

    as
    1. Guillermo Calvo & Alejandro Izquierdo & Rudy Loo-Kung, 2013. "Optimal Holdings of International Reserves: Self-insurance against Sudden Stops," Monetaria, Centro de Estudios Monetarios Latinoamericanos, vol. 0(1), pages 1-35, January-j.
    2. Ben-Bassat, Avraham & Gottlieb, Daniel, 1992. "Optimal international reserves and sovereign risk," Journal of International Economics, Elsevier, vol. 33(3-4), pages 345-362, November.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Reservas internacionales; nivel óptimo. Classification JEL: E58; F32.;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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