NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

International Reserves and Rollover Risk

Javier Bianchi, Juan Carlos Hatchondo, Leonardo Martinez

NBER Working Paper No. 18628
Issued in December 2012

---- Acknowledgements -----

For helpful comments, we thank Laura Alfaro, Manuel Amador, Charles Engel, Oleg Itskhoki, Tim Kehoe, Alberto Martin, Enrique Mendoza, Dirk Niepelt, Jorge Roldos, Tom Sargent, Sergio Schmukler, Martin Uribe and seminar participants at Berkeley, Harvard, Columbia, Wharton, UCLA, Duke Jamboree, Madrid Macroeconomic Seminar, Stanford SITE Conference on “Sovereign Debt and Capital Flows”, the Riksbank Conference on “Sovereign Debt and Default”, NYU Stern, Summer Forum Barcelona GSE, the 2012 Society of Economic Dynamics (SED) meeting, the NBER IFM Meetings , the Atlanta Fed “International EconomicsWorkshop”, IMF Research Department, the Bank of Korea, the Central Bank of Chile, the Central Bank of Uruguay, the “Financial and Macroeconomic Stability: Challenges Ahead” conference in Istanbul, the IMF Institute for Capacity Development, Indiana University, McMaster University, Torcuato Di Tella, Universidad de Montevideo, Universidad Nacional de Tucum´an, the 2012 Annual International Conference of the International Economic Journal, the 2013 LASA meeting, and the 2013 ABCDE conference. We thank Jonathan Tompkins for excellent research assistance. The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, its management, the Federal Reserve Bank of Richmond, the Federal Reserve System, or the National Bureau of Economic Research.

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