Determinants of the "Optimal" Foreign Reserve Level based on "Benefit-Maximization"

基于“利益最大化”的“最优”外汇储备水平的决定因素

• 批准号: 23530294
• 负责人: AKIBA Hiroya
• 金额: $ 1.58万
• 依托单位: Waseda University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2011
• 资助国家: 日本
• 起止时间: 2011 至 2013
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-23530294/
• 关键词: 国際経済学; 外貨準備水準; 便益最大化

Since foreign reserves are one of the savings, I have searched the conditions for the positive level. However, since the initial level is negative as the solution of an intertemporal maximization problem, I have searched for the resolution. I found that the theory of loss aversion could be used for resolution within the optimal consumption-saving problem under uncertainty. Invoking it needs to evaluate loss aversion, relative risk aversion, and the crisis probability. With these in mind, I found that a positive level of foreign reserve is held for both countries with high probability of positive and negative output shock after evaluating the initial utility surface in the 3 dimensional space. I have been trying to generalize this conclusion.

由于外汇储备是储蓄的一种，我已经搜索了正水平的条件。然而，由于初始水平是负的，作为跨期最大化问题的解决方案，我已经寻找了解决方案。我发现损失厌恶理论可以用于解决不确定性下的最优消费节约问题。调用它需要评估损失厌恶、相对风险厌恶和危机概率。考虑到这些，我发现在三维空间中评估初始效用面后，两个国家的外汇储备都保持在一个正的水平，正的和负的产出冲击的概率很高。我一直在试图概括这个结论。