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Acumulación de Reservas Internacionales en Economías Emergentes

  • José De Gregorio

Este documento analiza la racionalidad de mantener reservas internacionales, las cuales se usan como un tipo de seguro ante problemas de financiamiento externo y para intervenir en el tipo de cambio. Aquí se argumenta que no es posible separar ambos objetivos. Esto explica por qué el empleo de otras formas de seguro, aunque potencialmente más baratos, no son generalizadas. Por otra parte, el hecho de que en la práctica la utilización de las reservas internacionales sea muy baja, incluso en períodos de crisis, es evidencia de que tienen un rol disuasivo -el solo hecho de mantenerlas reduce la vulnerabilidad financiera. La evidencia para la crisis subprime se estudia, encontrando que las tensiones financieras fueron menores en economías con altos niveles de reservas. Finalmente, se discuten diversas formas de medir el nivel adecuado de reservas y se examinan las variaciones de reservas y del tipo de cambio durante las crisis asiática y subprime en economías emergentes.

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Paper provided by Central Bank of Chile in its series Economic Policy Papers Central Bank of Chile with number 40.

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Date of creation: Jan 2011
Date of revision:
Handle: RePEc:chb:bcchep:40
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  1. Pablo García & Claudio Soto, 2006. "Large Hoardings of International Reserves: Are They Worth It?," Central Banking, Analysis, and Economic Policies Book Series, in: Ricardo Caballero & César Calderón & Luis Felipe Céspedes & Norman Loayza (Series Editor) & Klaus Sc (ed.), External Vulnerability and Preventive Policies, edition 1, volume 10, chapter 6, pages 171-206 Central Bank of Chile.
  2. Romain Ranciere & Olivier Jeanne, 2006. "The Optimal Level of International Reserves for Emerging Market Countries: Formulas and Applications," IMF Working Papers 06/229, International Monetary Fund.
  3. Jeffrey A. Frankel & George Saravelos, 2010. "Are Leading Indicators of Financial Crises Useful for Assessing Country Vulnerability? Evidence from the 2008-09 Global Crisis," NBER Working Papers 16047, National Bureau of Economic Research, Inc.
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