国际储备最优持有:防范突然停止的自我保险

ERN: Econometric Studies of Foreign Exchange Markets (Topic) Pub Date : 2012-07-01 DOI:10.3386/W18219

G. Calvo, A. Izquierdo, Rudy Loo-Kung

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引用次数: 88

摘要

本文根据一个统计模型解决了国际储备最优存量的问题，在这个模型中，储备通过减少负债美元化对资产负债表的影响，影响突然停止的概率以及相关的产出成本。平均而言，全球金融危机前夕观察到的外汇储备与最优储备相差不远

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Optimal Holdings of International Reserves: Self-Insurance Against Sudden Stop

This paper addresses the issue of the optimal stock of international reserves in terms of a statistical model in which reserves affect both the probability of a sudden stop –as well as associated output costs– by reducing the balance-sheet effects of liability dollarization. Observed reserves on the eve of the global financial crisis were–on average–not distant from optimal reserves

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ERN: Econometric Studies of Foreign Exchange Markets (Topic)

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