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Nivel óptimo y adecuado de reservas internacionales

  • Gerencia Técnica-Banco de la República


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    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. "

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    Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 009871.

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    Length: 16
    Date of creation: 08 Aug 2012
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    Handle: RePEc:col:000094:009871
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    1. Guillermo A. Calvo & Alejandro Izquierdo & Rudy Loo-Kung, 2012. "Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop," NBER Working Papers 18219, National Bureau of Economic Research, Inc.
    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.
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