Resumo

CEREZO AGUIRRE, Sergio. Optimal Level of International Reserves Considerations for Bolivia: 2003-2009. rlde [online]. 2010, n.14, pp.41-70. ISSN 2074-4706.

In recent years, Bolivia has accumulated a significant level of international reserves due to favorable external environment and the exchange rate regimen (crawling peg). In this context arises the question of: Which one is the optimal level of international reserves? According to the traditional indicators of adequacy of reserves and according to a model that shows the role of the reserves as a reliever of adverse external shocks, optimal reserves are located below the actual saved in the central bank since 2007. This result holds even when gold and non-financial public sector deposits of foreign currency at the central bank are excluded from the actual reserves. However, a sensitivity analysis shows that optimal reserves may increase considerably if some macroeconomic fundamentals change.

Palavras-chave : International reserves; balance of payments crisis; dollarization.

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