Nuevos desarrollos en las teorías sobre las reservas internacionales y su relación con la deuda
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Contenido principal del artículo
En este artículo revisamos varios modelos recientes –estrechamente vinculados a la teoría de la deuda internacional– que explican la racionalidad de acumular reservas internacionales sin recurrir a su utilidad en el manejo del tipo de cambio, cuando éste no es totalmente flexible.
Aizenman, J. and J. Lee (2005) “International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence”, NBER Working Paper 11366, Cambridge, MA., por aparecer en Open Economics Review.
Aizenman, J. and J. Lee (2006) “Financial versus Monetary Mercantilism-Long Run View of Large International Reserves Hoarding”, NBER Working Paper 12718, Cambridge, MA.
Aizenman, J. and N.P. Marion (2002) “Reserve Uncertainty and the Supply of International Credit”, Journal of Money, Credit and Banking, 34,3, 631-649.
______ (2003) “The High Demand for International Reserves in the Far East: What’s Going On?”, Journal of the Japanese and International Economics, 17/3, 370-400.
______ (2004) “International Reserves Holdings with Sovereign Risk and Costly Tax Collection”, Economic Journal, vol. 114, pp. 569-91.
Ben-Bassat, A. and Gottlieb, D. (1992) “Optimal international reserves and sovereign risk”, Journal of International Economics, 33, 345-362.
Cheung, Yin-Wong, Menzie D. Chinn, y Eiji Fujii (2006) “The Overvaluation of Renminbi Undervaluation”, mimeo UCSC.
Dooley, M., Folkerts-Landau, D. and Garber, P. (2003) “An essay on the revived Bretton Woods system”. NBER Working Paper 9971, Cambridge, MA.
Doi, T. y T. Hoshi, 2002, “FILP: How Much has Been Lost ? How Much More Will Be Lost?”, mimeo, UCSD.
Flood, R. y N. Marion (2002) “Holding international reserves in an era of high capital mobility”, Brookings Trade Forum 2001, editado por S. Collins y D. Rodrik. Brookings Institution Press. Washington, D.C.
Kahneman, D., J. Knetsch, and R. Thaler (1990) “Experimental Tests of the Endowment Effect and the Coase Theorem”, Journal of Political Economy, 98, 1325-1348.
Lee, J. (2004) “Insurance value of International Reserves”. IMF Working Paper 04/175. Washington, D.C.
Tversky, A. and D. Kahneman (1991) “Loss Aversion and Riskless Choice: A Reference Dependence Model”, Quarterly Journal of Economics, 106, 1039-1061.
Detalles del artículo
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-SinDerivadas 4.0.
Contenido principal del artículo
En este artículo revisamos varios modelos recientes –estrechamente vinculados a la teoría de la deuda internacional– que explican la racionalidad de acumular reservas internacionales sin recurrir a su utilidad en el manejo del tipo de cambio, cuando éste no es totalmente flexible.
Aizenman, J. and J. Lee (2005) “International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence”, NBER Working Paper 11366, Cambridge, MA., por aparecer en Open Economics Review.
Aizenman, J. and J. Lee (2006) “Financial versus Monetary Mercantilism-Long Run View of Large International Reserves Hoarding”, NBER Working Paper 12718, Cambridge, MA.
Aizenman, J. and N.P. Marion (2002) “Reserve Uncertainty and the Supply of International Credit”, Journal of Money, Credit and Banking, 34,3, 631-649.
______ (2003) “The High Demand for International Reserves in the Far East: What’s Going On?”, Journal of the Japanese and International Economics, 17/3, 370-400.
______ (2004) “International Reserves Holdings with Sovereign Risk and Costly Tax Collection”, Economic Journal, vol. 114, pp. 569-91.
Ben-Bassat, A. and Gottlieb, D. (1992) “Optimal international reserves and sovereign risk”, Journal of International Economics, 33, 345-362.
Cheung, Yin-Wong, Menzie D. Chinn, y Eiji Fujii (2006) “The Overvaluation of Renminbi Undervaluation”, mimeo UCSC.
Dooley, M., Folkerts-Landau, D. and Garber, P. (2003) “An essay on the revived Bretton Woods system”. NBER Working Paper 9971, Cambridge, MA.
Doi, T. y T. Hoshi, 2002, “FILP: How Much has Been Lost ? How Much More Will Be Lost?”, mimeo, UCSD.
Flood, R. y N. Marion (2002) “Holding international reserves in an era of high capital mobility”, Brookings Trade Forum 2001, editado por S. Collins y D. Rodrik. Brookings Institution Press. Washington, D.C.
Kahneman, D., J. Knetsch, and R. Thaler (1990) “Experimental Tests of the Endowment Effect and the Coase Theorem”, Journal of Political Economy, 98, 1325-1348.
Lee, J. (2004) “Insurance value of International Reserves”. IMF Working Paper 04/175. Washington, D.C.
Tversky, A. and D. Kahneman (1991) “Loss Aversion and Riskless Choice: A Reference Dependence Model”, Quarterly Journal of Economics, 106, 1039-1061.
Detalles del artículo
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-SinDerivadas 4.0.