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

由于外汇储备是储蓄之一，我已经搜索了积极水平的条件。然而，由于初始水平是负的跨期最大化问题的解决方案，我已经寻找的解决方案。我发现，损失厌恶理论可以用来解决不确定性下的最优消费储蓄问题。验证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，一个积极的水平，外汇储备持有的积极和消极的输出冲击的概率高的国家后，评估的初始效用面在三维空间。我一直试图概括这个结论。

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.