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Macroeconomic Risk Evaluation of International Reserves in Venezuela

In: Advances in Monetary Policy and Macroeconomics

Author

Listed:
  • Carolina Pagliacci
  • Elizabeth Ochoa

Abstract

In the World Bank Conference ‘Liquid Reserves and Debt’ in 1999, Alan Greenspan pointed out that it would be desirable if policy makers incorporated in their analysis of international reserves the risks associated with the occurrence of stochastic shocks, as is usually done in the evaluation of other financial assets. The rationale for this assessment is that when the occurrence of shocks is neglected, biases in the decision-making process may arise, and wrong decisions can be costly for the economy.

Suggested Citation

  • Carolina Pagliacci & Elizabeth Ochoa, 2007. "Macroeconomic Risk Evaluation of International Reserves in Venezuela," Palgrave Macmillan Books, in: Philip Arestis & Gennaro Zezza (ed.), Advances in Monetary Policy and Macroeconomics, chapter 13, pages 233-256, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-80076-2_13
    DOI: 10.1057/9780230800762_13
    as

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    Cited by:

    1. Scandizzo, Pasquale & Pagliacci, Carolina, 2010. "Foreign Reserve Management in an Oil Economy: Macroeconomic Risk as a Real Option," MPRA Paper 106539, University Library of Munich, Germany.
    2. Moreno, María Antonia & Pagliacci, Carolina, 2010. "Análisis de Riesgo Macro-financiero para Venezuela [Macro-financial risk for Venezuela]," MPRA Paper 106552, University Library of Munich, Germany.

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