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Reservas internacionais ótimas para o Brasil: uma análise simples de custo-benefício para o período 1999-2007


  • Marco Antônio F. de H. Cavalcanti
  • Christian Vonbun


This paper calculates the optimal level of foreign reserves for Brazil during 1999-2007, by applying various extensions of the Ben-Bassat and Gottlieb (1992b) framework. We also estimate the social loss due to differences between actual and optimal reserves holdings by the Brazilian Central Bank. Our results suggest that, under various alternative scenarios and hypotheses regarding the model´s main parameters, the actual level of reserves in Brazil has become "excessive" around 2005-2006, thereby generating high and increasing costs for the Brazilian economy.

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  • Marco Antônio F. de H. Cavalcanti & Christian Vonbun, 2007. "Reservas internacionais ótimas para o Brasil: uma análise simples de custo-benefício para o período 1999-2007," Discussion Papers 1315, Instituto de Pesquisa Econômica Aplicada - IPEA.
  • Handle: RePEc:ipe:ipetds:1315

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    References listed on IDEAS

    1. Antonio Francisco Silva Jr. & Érica Domingos da Silva, 2004. "Optimal International Reserves Holdings In Emerging Markets Economies: The Brazilian Case," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] 078, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
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    Cited by:

    1. Roberto Meurer, 2016. "Portfolio Investment Flows, GDP, and Investment in Brazil," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(12), pages 1-9, December.

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