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Tenencias óptimas de reservas internacionales: autoaseguramiento contra interrupciones súbitas de flujos de capital

Author

Listed:
  • Guillermo Calvo

    (Columbia University)

  • Alejandro Izquierdo

    (asesor económico regional)

  • Rudy Loo-Kung

    (Banco InterAmericano de Desarrollo.)

Abstract
En este artículo se determina el nivel óptimo de reservas internacionales en términos de un modelo estadístico en el cual las reservas afectan tanto la probabilidad de una interrupción súbita de flujos de capital, como los costos en producto asociados, al reducir los efectos de balance producidos porla dolarización de pasivos. Se encuentra que las reservas observadas en vísperas de la crisis financiera no estuvieron –en promedio– alejadas de los niveles óptimos derivados del modelo

Suggested Citation

  • Guillermo Calvo & Alejandro Izquierdo & Rudy Loo-Kung, 2013. "Tenencias óptimas de reservas internacionales: autoaseguramiento contra interrupciones súbitas de flujos de capital," Monetaria, CEMLA, vol. 0(1), pages 1-39, enero-jun.
    • Handle: RePEc:cml:moneta:v:xxxv:y:2013:i:1:p:1-39
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