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Seminario

EconNet: Reservas Internacionales y riesgo de liquidez

Fecha: 05 oct 2017

Horario: 12:00

Ubicación: 1300 New York Ave., NW, Washington DC - Sala SE-1035, Estados Unidos de América

  

Evento abierto al público


Título: Reservas Internacionales y riesgo de liquidez
Orador: Javier Bianchi, Federal Reserve Bank of Minneapolis

Resumen (en inglés): We study the optimal accumulation of international reserves in a quantitative model of sovereign default with long-term debt and a risk-free asset. Keeping higher levels of reserves provides a hedge against rollover risk, but this is costly because using reserves to pay down debt allows the government to reduce sovereign spreads. Our model, parameterized to mimic salient features of a typical emerging economy, can account for a significant fraction of the holdings of international reserves, and the larger accumulation of both debt and reserves in periods of low spreads and high income. We also show that income windfalls, improved policy frameworks, larger contingent liabilities, and an increase in the importance of rollover risk imply increases in the optimal holdings of reserves that are consistent with the upward trend in reserves in emerging economies. It is essential for our results that debt maturity exceeds one period.




Para mayor información: research@iadb.org


Econnet es una serie de seminarios organizados por el Departamento de Investigación y Sector de aprendizaje y conocimiento del BID. Los seminarios consisten en una serie de almuerzos donde un académico invitado presenta sus últimos hallazgos en algún tema de desarrollo relevante a América Latina y el Caribe. EconNet se lleva a cabo todos los jueves al medio día.

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