Resumen

RODRIGUEZ, Patricia  y  RUIZ, Omar. International Reserves Accumulation in Emerging Countries with Flexible Exchange Rates. Prob. Des [online]. 2012, vol.43, n.169, pp.51-72. ISSN 0301-7036.

The accumulation of international reserves on the part of emerging countries stands out as one of the most relevant aspects of monetary and financial imbalances today. Among such nations, Latin Americans are reaching new, historic levels. No theoretical or empirical intervention model exists that can explain or justify this enormous accumulation, which in the end, merely reveals new ways of transferring value from less developed to developed countries. Emerging countries undertake activities within the international monetary system, which has the dollar and other strong currencies as a base, seeking to accumulate large amounts of currencies as a precautionary measure to administer their exchange markets. In so doing they strengthen their expectation management policy with regard to meeting inflation targets.

Palabras llave : monetary policy; currencies; exchange rate; international reserves.