Abstract

LOPEZ ANGARITA, David Fernando. LEVEL OF INTERNATIONAL RESERVES AND EXCHANGE RISK IN COLOMBIA. Rev.econ.inst. [online]. 2006, vol.8, n.15, pp.117-159. ISSN 0124-5996.

The optimal reserve level theory aims to protect the economy against external shocks to its balance of payments, providing the international liquidity needed in emergency situations. The methodological applications available have limitations that compromise the results of the analysis of the optimal level in Colombia. This article offers an alternative approach to optimal international reserves and a consistent methodological framework to overcome these limitations and add trust to the monetary authorities and international agents.

Keywords : international reserves; exchange risk; external shocks; international liquidity.

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