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008			250303t2024 xxu||||| |||| 00| 0eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100	1		_972372 _aCéspedes, Luis Felipe
245	1	0	_aOptimal foreign reserves and Central Bank policy under financial stress _c by Luis Felipe Céspedes and Roberto Chang
504			_aBibliografía
520			_aWe study foreign reserves accumulation and liquidity policy in an open economy under financial stress. Firms and households finance investment and consumption by borrowing from banks, which borrow from abroad. Binding financial constraints cause the domestic interest rate to rise over the world rate and the exchange rate to depreciate, implying inefficiently low investment and consumption. A role emerges for a central bank that accumulates reserves to provide international liquidity when financial frictions bind. Our analysis yields novel insights on the determinants of optimal reserves accumulation cum liquidity provision and their role vis-à-vis capital flow management policies.
650		4	_947661 _aMACROECONOMIA
650		4	_932259 _aBANCO CENTRAL
650		4	_948062 _aPOLITICA MONETARIA
650		4	_947531 _aINVERSIONES
700			_99959 _aChang, Roberto
773	0		_9172338 _oOP 2137/2024/3 _tAmerican Economic Journal : Macroeconomics _w(IEF)64915 _x 1945-7707 _g v. 16, n. 3, July 2024, p. 230-267.
942			_cART