全球智库信息集成服务系统(G2TT): Optimal Reserve Management and Sovereign Debt

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w13216
来源ID	Working Paper 13216
	Optimal Reserve Management and Sovereign Debt
	Laura Alfaro; Fabio Kanczuk
发表日期	2007-07-02
出版年	2007
语种	英语
摘要	To study the joint decision of holding sovereign debt and reserves, we construct a stochastic dynamic equilibrium model that incorporates willingness-to-pay incentive problems. In this setup, debt and assets are not perfect substitutes, as reserves can be used even after a country has defaulted. We calibrate the model to a sample of emerging markets. We obtain that the reserve accumulation does not play a quantitatively important role in this model. In fact, the optimal policy is not to hold reserves at all. This finding is robust to considering interest rate shocks, sudden stops, contingent reserves and reserve dependent output costs.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w13216
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/570884
推荐引用方式 GB/T 7714	Laura Alfaro,Fabio Kanczuk. Optimal Reserve Management and Sovereign Debt. 2007.