International Reserves and Central Bank Independence (English)

This paper proposes a novel theory of reserve accumulation that emphasizes the role of an independent central bank. Motivated by a positive correlation between reserve accumulation and central bank independence in Latin America, the paper develops a quantitative sovereign default model with an independent central bank that can accumulate a risk-free foreign asset. The findings show that if the central bank is more patient than the government and as...

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Author

Samano Penaloza,Agustin;
Document Date
2021/11/02
Document Type
Policy Research Working Paper
Report Number
WPS9832
Volume No
1
Total Volume(s)
1
Country
Mexico,
Region
Latin America And Caribbean,
Disclosure Date
2021/11/02
Disclosure Status
Disclosed
Doc Name
International Reserves and Central Bank Independence
Keywords
Center for Latin American Monetary

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Citation

Samano Penaloza,Agustin.

International Reserves and Central Bank Independence (English). Policy Research working paper|no. WPS 9832 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/620131635859663291

International Reserves and Central Bank Independence (English)

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