Un modelo para estimar el nivel óptimo de reservas monetarias internacionales para Costa Rica

Abstract

As part of the measures that the Central Bank of Costa Rica (CBCR) has taken in the transition to a inflation targeting regime, in October 2006 the adjustable peg exchange rate regime was replaced by a exchange rate band, as a transitional measure to adopt a managed float regime. To the extent that this process is consolidated, the explicit need for net international reserves (NIR) as a safeguard of the exchange regime is becoming smaller, however, it is required to have an estimation of the optimal level, among other reasons, to support CBCR intervention decisions in the foreign exchange market, if required. This paper proposes a model for the optimal level of foreign currency reserves for the CBCR from which this variable is estimated for the period 2006-2009. It uses the theoretical approach developed by Ben-Bassat and Gottlieb (1992), which assumes that a central bank seeks to minimize the expected cost of holding reserves. The definition of this cost takes into account two factors, firstly, there is an opportunity cost associated to maintaining foreign currency reserves. On the other hand, these assets act as insurance in crisis situations, enabling the economy to minimize the real and social costs of macroeconomic adjustment associated.