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dc.rights.licensehttps://creativecommons.org/licenses/by-sa/2.5/ar/es_AR
dc.contributor.authorLevy Yeyati, Eduardoes_AR
dc.contributor.authorGómez, Juan Franciscoes_AR
dc.date.accessioned2024-09-27T16:43:02Z
dc.date.available2024-09-27T16:43:02Z
dc.date.issued2019
dc.identifier.urihttps://repositorio.utdt.edu/handle/20.500.13098/13060
dc.description.abstractRecent studies that have emphasized the costs of accumulating reserves for self-insurance purposes have overlooked two potentially important side-effects. First, the impact of the resulting lower spreads on the service costs of the stock of sovereign debt, which could substantially reduce the marginal cost of holding reserves. Second, when reserve accumulation reflects countercyclical LAW central bank interventions, the actual cost of reserves should be measured as the sum of valuation effects due to exchange rate changes and the local-to-foreign currency exchange rate differential (the inverse of a carry trade profit and loss total return flow), which yields a cost that is typically smaller than the one arising from traditional estimates based on the sovereign credit risk spreads. We document those effect s empirically to illustrate that the cost of holding reserves may have been considerably smaller than usually assumed in both the academic literature and the policy debate.es_AR
dc.format.extent22 p.es_AR
dc.format.mediumapplication/pdfes_AR
dc.languageenges_AR
dc.publisherUniversidad Torcuato Di Tellaes_AR
dc.publisherEscuela de Gobiernoes_AR
dc.relation.ispartofDocumento de Trabajo. Universidad Torcuato Di Tella. Escuela de Gobiernoes_AR
dc.rightsinfo:eu-repo/semantics/openAccesses_AR
dc.subjectReservas de divisases_AR
dc.subjectCrisis Financieraes_AR
dc.subjectFinancial crisises_AR
dc.subjectFlujo de capitaleses_AR
dc.subjectCapital flowses_AR
dc.titleThe cost of holding foreign exchange reserveses_AR
dc.typeinfo:eu-repo/semantics/workingPaperes_AR
dc.subject.keywordInternational reserveses_AR
dc.subject.keywordExchange rate policyes_AR
dc.type.versioninfo:eu-repo/semantics/publishedVersiones_AR


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    Durante este año se publicaron cinco Documentos de Trabajo

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