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dc.rights.licenseOpen Access
dc.creatorSegura-Rodríguez, Carlos Luis
dc.creatorFunk, Katharina
dc.date.accessioned2019-07-23T08:56:04Z
dc.date.available2019-07-23T08:56:04Z
dc.date.created2012 
dc.date.issued2012 
dc.identifier.urihttps://repositorioinvestigaciones.bccr.fi.cr/handle/20.500.12506/112
dc.description.abstractIn this paper we apply to the economy of Costa Rica a model for the estimation of the optimal amount of international reserves, developed by Jeanne and Rancière (2006, 2011). The main assumption of the model is that the consumers have the possibility to save a part of their income during normal times to smooth the decrease of consumption possibilities during periods of sudden stop crises. The two most important results are that for all analyzed periods the optimal level of reserves lies above the observed one and that the estimations of optimal reserves show relatively little volatility over time. Accordingly, the core conclusion of the document is that the Central Bank of Costa Rica should increase its efforts to accumulate international reserves in the medium run.
dc.format.extent28 paginas: gráficas, tablas
dc.format.mimetypePDF
dc.language.isoeng
dc.publisherBanco Central de Costa Rica
dc.relation.urihttps://activos.bccr.fi.cr/sitios/bccr/investigacioneseconomicas/DocPoliticaCambiariaSectorExterno/Estimation_Optimal_International_Reserves.pdf
dc.rightsAcceso abierto
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/
dc.subjectReservas internacionales óptimas
dc.subjectParadas repentinas
dc.subjectDolarización financiera
dc.titleEstimation of Optimal International Reserves for Costa Rica: A Micro-Founded Approach (EN) 
dc.typeWorking Paper
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.subject.jelF32-Current Account Adjustment; Short-Term Capital Movements
dc.subject.jelG01-Financial Crises
dc.subject.jelG15-International Financial Markets
dc.subject.jelspaF32- Ajustes de la balanza por cuenta corriente; Movimientos de capital a corto plazo
dc.subject.jelspaG01-Mercados financieros en general
dc.subject.jelspaG15- Mercados financieros internacionales
dc.subject.keywordOptimal International Reserves
dc.subject.keywordSudden Stops
dc.subject.keywordFinancial Dollarization
dc.rights.spaAcceso abierto
dc.type.spaDocumentos de trabajo
dc.type.hasversionPublished Version
dc.audienceResearchers
dc.audienceStudents
dc.audienceTeachers
dc.audiencePolicymakers


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