Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/90994
Authors: 
Vonbun, Christian
Year of Publication: 
2013
Series/Report no.: 
Texto para Discussão, Instituto de Pesquisa Econômica Aplicada (IPEA) 1885
Abstract (Translated): 
This paper shows estimates of the optimal level of foreign reserves for Brazil between the first quarter of 2004 and the third trimester of 2012, by applying the new Jeanne e Rancière (2011) framework, using different scenarios. The estimates of the optimal holdings of this asset are calculated for several feasible scenarios. Our results suggest that, under various alternative scenarios and assumptions regarding the model's main parameters, the observed level of reserves in Brazil has become above the optimal level, thereby generating high and increasing costs for the Brazilian government and tax payers.
Subjects: 
international reserves
macroeconomics
external debt
sudden stops
JEL: 
E63
F31
F32
F34
F40
F41
G11
Document Type: 
Working Paper

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