The Cost of Reserves

• Tác giả: Eduardo Levy Yeyati
• Ngôn ngữ: eng
• Ký hiệu phân loại: 333.71 Economics of land and energy
• Thông tin xuất bản: 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 307774
• Chủ đề: 1. International Lending and Debt Problems F340

Tóm tắt

The cost of holding reserves is often estimated as the sovereign spread over the risk-free return on reserves paid on the debt issued to purchase them, which ignores the benign effect of reserves on the spread. This paper illustrates this numerically, showing that these costs, as typically measured, may have been considerably overstated.