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Acumulación de Reservas Internacionales en Economías Emergentes

Author

Listed:
  • José De Gregorio

Abstract

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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • José De Gregorio, 2011. "Acumulación de Reservas Internacionales en Economías Emergentes," Economic Policy Papers Central Bank of Chile 40, Central Bank of Chile.
  • Handle: RePEc:chb:bcchep:40
    as

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    File URL: http://si2.bcentral.cl/public/pdf/documentos-politica-economica/pdf/dpe40.pdf
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    References listed on IDEAS

    as
    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. 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.
    3. Romain Ranciere & Olivier D Jeanne, 2006. "The Optimal Level of International Reserves for Emerging Market Countries; Formulas and Applications," IMF Working Papers 06/229, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    More about this item

    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
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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