The Optimal Level of Foreign Reserves in Financially Dollarized Economies : The Case of Uruguay

The Case of Uruguay

The Optimal Level of Foreign Reserves in Financially Dollarized Economies : The Case of Uruguay
This paper extends the framework derived by Jeanne and Rancière (2006) by explicitly incorporating the dollarization of bank deposits into the analysis of the optimal level of foreign reserves for prudential purposes. In the extended model, a sudden stop in capital flows occurs in tandem with a run on dollar deposits. Reserves can smooth... READ MORE...

Publication date: November 2007
ISBN 9781451868289
$18.00

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