El nivel adecuado de reservas internacionales: notas para el caso venezolano

Leonardo Vera () and Luis Zambrano Sequín ()
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Leonardo Vera: Universidad Central de Venezuela
Luis Zambrano Sequín: Universidad Católica Andrés Bello

Revista de Analisis Economico – Economic Analysis Review, 2005, vol. 20, issue 1, 63-94

Abstract: Based on a standard set of factors pointed out by the literature we analyze the recent and rapid accumulation of international reserves in Venezuela. Among other things, we characterize the Venezuelan case and conduct a statistical analysis using a quarterly time series model between 1996 and 2004. The specification follows closely Aizenman and Marion (2002). Both a static and dynamic econometric version of the model allows us to report some of the factors that influence the decision to hold foreign exchange reserves. When we calculate the adequate level of reserves, using the econometric specifications, we found that excess reserves are not currently high and that the results do not diverge much from the traditional Heller's methodology. Finally, we undertake an evaluation of the alternatives pointed out for excess reserves management in Venezuela.

Keywords: International Reserve Holdings; Excess Reserves; Venezuela; Econometric Model (search for similar items in EconPapers)
JEL-codes: E58 F31 O24 (search for similar items in EconPapers)
Date: 2005
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