Fernando Arce - Latest - Bank of Canada
https://www.bankofcanada.ca/rss-feeds/
Bank of Canada RSS Feedsen2024-03-28T09:59:29+00:00A Macroprudential Theory of Foreign Reserve Accumulation
https://www.bankofcanada.ca/2019/10/staff-working-paper-2019-43/
This paper proposes a theory of foreign reserves as macroprudential policy. We study an open-economy model of financial crises in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient allocation.2019-10-03T11:50:21+00:00enA Macroprudential Theory of Foreign Reserve Accumulation2019-10-03Balance of payments and componentsFinancial stabilityFinancial system regulation and policiesForeign reserves managementInternational financial marketsStaff Working Paper 2019-43https://www.bankofcanada.ca/wp-content/uploads/2019/10/swp2019-43.pdfA Macroprudential Theory of Foreign Reserve AccumulationFernando ArceJulien BenguiJavier BianchiOctober 2019DD5D52D6D62FF3F34