SciELO - Scientific Electronic Library Online

vol.20 número1Choques externos y fuentes de fluctuaciones macroeconómicas: Una propuesta con modelos de VEC estructural para la economía argentinaEl efecto del comercio y la inversión extranjera directa en la desigualdad: ¿importan la gobernanza y la estabilidad macroeconómica? índice de autoresíndice de assuntospesquisa de artigos
Home Pagelista alfabética de periódicos  

Economía mexicana. Nueva época

versão impressa ISSN 1665-2045


ALARCO TOSONI, Germán. Necessary levels, costs and policies for international reserves in Latin America. Econ. mex. Nueva época [online]. 2011, vol.20, n.1, pp. 145-180. ISSN 1665-2045.

This article examines the dynamic growth of international reserves for the entire group of Latin American countries in an international comparative perspective and with respect to variables such as imports, current account balances, capital flows and GDP. We also present a review of the theories to analyze the causes, and a balance of benefits and maintenance costs. We have used the Wijnholds methodology to determine the necessary levels of international reserves for the period 2005-2008, considering the commitments of public and private external debt in the short term, and potential leakage of deposits from the local financial system. It is estimated that, for the last year, levels of excess reserves are equivalent to between US$ 170-200 billions. Also, the annual maintenance cost is equiva-lent to 0.8 per cent of GDP for all the countries surveyed. Finally, it outlines a set of proposals to take advantage of these circumstances.

Palavras-chave : international reserves; Latin America; reserve costs; international policies.

        · resumo em Espanhol     · texto em Espanhol     · pdf em Espanhol