Optimal Reserves in Financially Closed Economies

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 differs from the measures often used by... READ MORE...

Publication date: April 2016
ISBN 9781484325445
$18.00

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