International reserves in bimonetary economies. An empirical analysis

International reserves are an instrument used by central banks to provide liquidity insurance and to deal with future uncertainties and sudden changes in capital flows. There are three rules based on different criteria to determine the optimal level of these external assets. This paper proposes to a...

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Autor principal: Santilli, Evangelina
Formato: Artículo revista
Lenguaje:Español
Publicado: Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba. 2024
Materias:
Reservas internacionales óptimas
Economías bimonetarias
C33
E58
F31
F34
Optimal international reserves
Bimonetary economies
Acceso en línea:https://revistas.unc.edu.ar/index.php/REyE/article/view/44491
Aporte de:
Revista de Economía y Estadística de Universidad Nacional de Córdoba
id I10-R326-article-44491
record_format ojs
spelling I10-R326-article-444912025-03-03T04:15:24Z International reserves in bimonetary economies. An empirical analysis Reservas internacionales en economías bimonetarias. Un análisis empírico Santilli, Evangelina Santilli, Evangelina Reservas internacionales óptimas Economías bimonetarias C33 E58 F31 F34 Optimal international reserves Bimonetary economies C33 E58 F31 F34 International reserves are an instrument used by central banks to provide liquidity insurance and to deal with future uncertainties and sudden changes in capital flows. There are three rules based on different criteria to determine the optimal level of these external assets. This paper proposes to add a new criterion (rule with bimonetarity) to the existing ones (debt, commercial and financial criteria). Since the demand of the monetary authority is added to that of the private sector, when the economy is bimonetary, the criteria for the optimality of external assets should be more rigid. A stylized characterization of bimonetary economies is presented and, through an empirical analysis of the determinants of international reserves for nine Latin American economies for the period 2000-2022, evidence is provided for the inclusion of a new criterion in addition to reserve requirements (bimonetarity). The results indicate that short-term external debt, internal leakage, and the dollarization rate all affect reserve levels and should therefore be included in reserve requirements. The result is important because it allows us to generate an optimality rule for international reserves when studying bimonetary economies. Reception date: 07/03/2024Acceptance date: 04/09/2024 Las reservas internacionales son un instrumento de los bancos centrales para proporcionar un seguro de liquidez y hacer frente a contingencias futuras y a cambios repentinos en los flujos de capitales. Existen tres reglas basadas en diferentes criterios para establecer cuál es el nivel óptimo de estos activos externos. Este trabajo propone sumar a los criterios existentes (criterio de la deuda, comercial y financiero) uno nuevo (regla con bimonetariedad). Dado que a la demanda de la autoridad monetaria se le adiciona la del sector privado, cuando la economía es bimonetaria, los criterios de optimalidad de activos externos deberían ser más rígidos. Se presenta una caracterización estilizada de las economías bimonetarias, y mediante un análisis empírico de los determinantes de las reservas internacionales para nueve economías de América Latina en el período 2000-2022, se presenta evidencia para la incorporación de un nuevo criterio que adicione a los requisitos de reservas (bimonetariedad). Los resultados indican que tanto la deuda externa de corto plazo, la fuga interna como el índice de dolarización influyen en los niveles de reservas y por lo tanto deberían ser consideradas en el requerimiento de estas. El resultado es importante pues permite generar una regla de optimalidad de reservas internacionales cuando se estudian economías bimonetarias. Fecha de recepción: 07/03/2024Fecha de aceptación: 04/09/2024 Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba. 2024-12-27 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf text/html https://revistas.unc.edu.ar/index.php/REyE/article/view/44491 10.55444/2451.7321.2024.v62.n1.44491 Revista de Economía y Estadística; Vol. 62 No. 1 (2024); 37-69 Revista de Economía y Estadística; Vol. 62 Núm. 1 (2024); 37-69 2451-7321 0034-8066 10.55444/2451.7321.2024.v62.n1 spa https://revistas.unc.edu.ar/index.php/REyE/article/view/44491/48162 https://revistas.unc.edu.ar/index.php/REyE/article/view/44491/48415 Derechos de autor 2024 Evangelina Santilli http://creativecommons.org/licenses/by-nc-nd/4.0
institution Universidad Nacional de Córdoba
institution_str I-10
repository_str R-326
container_title_str Revista de Economía y Estadística
language Español
format Artículo revista
topic Reservas internacionales óptimas
Economías bimonetarias
C33
E58
F31
F34
Optimal international reserves
Bimonetary economies
C33
E58
F31
F34
spellingShingle Reservas internacionales óptimas
Economías bimonetarias
C33
E58
F31
F34
Optimal international reserves
Bimonetary economies
C33
E58
F31
F34
Santilli, Evangelina
Santilli, Evangelina
International reserves in bimonetary economies. An empirical analysis
topic_facet Reservas internacionales óptimas
Economías bimonetarias
C33
E58
F31
F34
Optimal international reserves
Bimonetary economies
C33
E58
F31
F34
author Santilli, Evangelina
Santilli, Evangelina
author_facet Santilli, Evangelina
Santilli, Evangelina
author_sort Santilli, Evangelina
title International reserves in bimonetary economies. An empirical analysis
title_short International reserves in bimonetary economies. An empirical analysis
title_full International reserves in bimonetary economies. An empirical analysis
title_fullStr International reserves in bimonetary economies. An empirical analysis
title_full_unstemmed International reserves in bimonetary economies. An empirical analysis
title_sort international reserves in bimonetary economies. an empirical analysis
description International reserves are an instrument used by central banks to provide liquidity insurance and to deal with future uncertainties and sudden changes in capital flows. There are three rules based on different criteria to determine the optimal level of these external assets. This paper proposes to add a new criterion (rule with bimonetarity) to the existing ones (debt, commercial and financial criteria). Since the demand of the monetary authority is added to that of the private sector, when the economy is bimonetary, the criteria for the optimality of external assets should be more rigid. A stylized characterization of bimonetary economies is presented and, through an empirical analysis of the determinants of international reserves for nine Latin American economies for the period 2000-2022, evidence is provided for the inclusion of a new criterion in addition to reserve requirements (bimonetarity). The results indicate that short-term external debt, internal leakage, and the dollarization rate all affect reserve levels and should therefore be included in reserve requirements. The result is important because it allows us to generate an optimality rule for international reserves when studying bimonetary economies. Reception date: 07/03/2024Acceptance date: 04/09/2024
publisher Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba.
publishDate 2024
url https://revistas.unc.edu.ar/index.php/REyE/article/view/44491
work_keys_str_mv AT santillievangelina internationalreservesinbimonetaryeconomiesanempiricalanalysis
AT santillievangelina internationalreservesinbimonetaryeconomiesanempiricalanalysis
AT santillievangelina reservasinternacionaleseneconomiasbimonetariasunanalisisempirico
AT santillievangelina reservasinternacionaleseneconomiasbimonetariasunanalisisempirico
first_indexed 2025-02-05T22:05:02Z
last_indexed 2025-03-06T05:16:17Z
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