International Reserve Management under Rollover Crises

Mauricio Barbosa-Alves, Javier Bianchi, César Sosa-Padilla

This paper develops a framework to study the management of international reserves when a government faces the risk of a rollover crisis. In the model, it is optimal for the government to reduce its vulnerability by initially lowering debt, and then increasing both debt and reserves as it approaches a safe zone. Furthermore, we find that issuing additional debt to accumulate reserves can lead to a reduction in sovereign spreads

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Year of publication:	May 2024
Authors:	Barbosa-Alves, Mauricio ; Bianchi, Javier ; Sosa Padilla, César
Institutions:	National Bureau of Economic Research (issuing body)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Internationale Staatsschulden \| International sovereign debt \| Öffentliche Schulden \| Public debt \| Währungsreserven \| Foreign exchange reserves \| Offene Volkswirtschaft \| Open economy

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Extent:	1 Online-Ressource illustrations (black and white)
Series:	NBER working paper series ; no. w32393
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Hardcopy version available to institutional subscribers
Other identifiers:	10.3386/w32393 [DOI]
Classification:	E4 - Money and Interest Rates ; E5 - Monetary Policy, Central Banking and the Supply of Money and Credit ; F32 - Current Account Adjustment; Short-Term Capital Movements ; F34 - International Lending and Debt Problems ; F41 - Open Economy Macroeconomics
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014544672