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

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

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.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 621.

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Date of creation: Feb 2011
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Handle: RePEc:chb:bcchwp:621
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  1. Guillermo A. Calvo, 1996. "Capital flows and macroeconomic management: tequila lessons," Working Papers in Applied Economic Theory 96-02, Federal Reserve Bank of San Francisco.
  2. Ricardo J. Caballero & Stavros Panageas, 2004. "Contingent Reserves Management: An Applied Framework," NBER Working Papers 10786, National Bureau of Economic Research, Inc.
  3. Carmen M. Reinhart & Kenneth S. Rogoff, 2002. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," NBER Working Papers 8963, National Bureau of Economic Research, Inc.
  4. Obstfeld, Maurice & Obstfeld, Maurice, 1996. "Intertemporal Price Speculation and the Optimal Current-Account Deficit: Reply and Clarification," Center for International and Development Economics Research, Working Paper Series qt5n37z46f, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
  5. 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.
  6. 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.
  7. 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.
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