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Author:Alfaro, Laura 

Conference Paper
Jackson Hole 2023 - Global Production Networks

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Optimal reserve management and sovereign debt

Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels. In addition, assuming constant debt levels does not allow addressing one of the puzzles behind using reserves as a means to avoid the negative effects of crisis: why do not sovereign countries reduce their sovereign debt instead? To study the joint decision of holding sovereign debt and reserves, we construct a stochastic dynamic equilibrium model ...
Working Paper Series , Paper 2007-29

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