Optimal Reserves in Financially Closed Economies /
Financially closed economies insure themselves against current-account shocks using international reserves. We characterize the optimal management of reserves using an open-economy model of precautionary savings and emphasize several results. First, the welfare-based opportunity cost of reserves dif...
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| Format: | Revija |
| Jezik: | English |
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Washington, D.C. :
International Monetary Fund,
2016.
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| Serija: | IMF Working Papers; Working Paper ;
No. 2016/092 |
| Online dostop: | Full text available on IMF |