Macroeconomic Risk Evaluation of International Reserves in Venezuela

Carolina Pagliacci and Elizabeth Ochoa

Chapter 13 in Advances in Monetary Policy and Macroeconomics, 2007, pp 233-256 from Palgrave Macmillan

Abstract: Abstract In the World Bank Conference ‘Liquid Reserves and Debt’ in 1999, Alan Greenspan pointed out that it would be desirable if policy makers incorporated in their analysis of international reserves the risks associated with the occurrence of stochastic shocks, as is usually done in the evaluation of other financial assets. The rationale for this assessment is that when the occurrence of shocks is neglected, biases in the decision-making process may arise, and wrong decisions can be costly for the economy.

Keywords: Exchange Rate; Monetary Policy; Real Exchange Rate; Policy Rule; Nominal Exchange Rate (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-80076-2_13

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DOI: 10.1057/9780230800762_13

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