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Sobre el nivel de reservas internacionales de Chile: análisis a partir de enfoques complementarios

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  • Gabriela Contreras
  • Alejandro Jara
  • Eduardo Olaberría
  • Diego Saravia

Abstract

This paper analyzes the recent evolution and the actual level of international reserves in Chile using complementary approaches. First, we compare the current level of international reserves of Chile with other countries, using as controls a set of indicators that are traditionally used in the literature. Then, we compare the current level of international reserves with the estimation from panel regressions and with the level suggested by theoretical models of optimal demand of reserves. The exercises show that, during the period of floating exchange rate the level of reserves in Chile has been adequate for reasonable levels of risk suggested by theoretical models. However, by the end of this period, its level is below the levels observed in other emerging countries with floating exchange rate regimes.

Suggested Citation

  • Gabriela Contreras & Alejandro Jara & Eduardo Olaberría & Diego Saravia, 2011. "Sobre el nivel de reservas internacionales de Chile: análisis a partir de enfoques complementarios," Working Papers Central Bank of Chile 621, Central Bank of Chile.
  • Handle: RePEc:chb:bcchwp:621
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    References listed on IDEAS

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    1. Ricardo Caballero & Stavros Panageas, 2006. "Contingent Reserves Management: An Applied Framework," 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 12, pages 399-420 Central Bank of Chile.
    2. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear of Floating," The Quarterly Journal of Economics, Oxford University Press, vol. 117(2), pages 379-408.
    3. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, Oxford University Press, vol. 119(1), pages 1-48.
    4. Obstfeld, Maurice, 1996. "Intertemporal price speculation and the optimal current-account deficit: reply and clarification," Journal of International Money and Finance, Elsevier, vol. 15(1), pages 141-147, February.
    5. 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.
    6. Calvo, Guillermo A, 1996. "Capital Flows and Macroeconomic Management: Tequila Lessons," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 1(3), pages 207-223, July.
    7. Claudio Soto & Alberto Naudon & Eduardo López & Alvaro Aguirre, 2004. "Acerca del Nivel Adecuado de las Reservas Internacionales," Working Papers Central Bank of Chile 267, Central Bank of Chile.
    8. 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.
    9. repec:hrv:faseco:34721963 is not listed on IDEAS
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