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| Format: | Artículo científico |
| Language: | en |
| Published: |
Universidad Nacional de Colombia
2015
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| Online Access: | https://www.redalyc.org/articulo.oa?id=282135449006 |
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Table of Contents:
- THE NEED FOR OFFICIAL RESERVES IN LATIN AMERICA: ASSESSING THE PRECAUTIONARY MOTIVE, 1995-2011 Moritz Cruz Economía y Finanzas Latin America financial openness financial variables precautionary motive International reserves In this paper we estimate the demand for official reserves in Latin America during the period 1995-2011. We assume that the main concern of the monetary authorities to demand reserves is the fear of suffering external drains, and its associated output costs. In other words, we attempt to show that the so-called precautionary motive drives the demand for international reserves in the region. Our economet ric results confirm that Latin American countries demand ever increasing amounts of foreign exchange to protect themselves against the likelihood of external drains. 2015 artículo científico 0121-4772 https://www.redalyc.org/articulo.oa?id=282135449006 en http://www.redalyc.org/revista.oa?id=2821 Cuadernos de Economía application/pdf Universidad Nacional de Colombia Cuadernos de Economía (Colombia) Num.65 Vol.XXXIV