文章基本信息

标题：El Nivel Adecuado de Reservas Internacionales: Notas para el Caso Venezolano
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作者：Leonardo Vera ; Luis Zambrano SequÃn
期刊名称：Revista de Análisis Económico (RAE)
印刷版ISSN：0716-5927
电子版ISSN：0718-8870
出版年度：2005
卷号：20
期号：1
页码：63-94
语种：Spanish
出版社：ILADES & Universidad Alberto Hurtado
摘要：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 manage-ment in Venezuela.