OPTIMAL INTERNATIONAL RESERVES AND SOVEREIGN RISK
成果类型：
Article
署名作者：
BENBASSAT, A; GOTTLIEB, D
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(92)90008-8
发表日期：
1992
页码：
345-362
关键词：
摘要：
The model focuses on the demand for optimal precautionary reserves for a borrowing country. We combine the standard approach to optimal reserves with a typical country-risk function relating default fisk to macroeconomic variables such as the reserves/imports and the external debt/exports ratios and per capita GNP. Our model also stresses the importance of the potential cost of default as a major determinant. This cost is estimated on the basis of data for 13 countries which have actually defaulted. The model is tested empirically on Israeli data. The results are compared with those of other models.