Reservas internacionais do Brasil: nível ótimo, benefícios e custos de manutenção

Abstract

International reserves are used to insure countries against crises that result in a continuous flow of foreign capital, in addition, they are essential for conducting exchange rate policy. The significant increase in Brazilian foreign exchange reserves, especially in the period between 2006 and 2012, is due to the massive inflow of foreign exchange into the country. Initially, this growth was seen as beneficial, however the intense accumulation of reserves, observed in several emerging countries, and the costs arising from its maintenance were the subject of debates about the optimal level. This paper seeks to present the benefits and costs of international reserves, as well as describe the accumulation process and the optimal level considered for Brazil, through the main researches on the subject. Over the years, some metrics have emerged to calculate the appropriate level, and the vast majority of studies indicate that Brazil has excess reserves, causing losses for the country. In this context, questions also arose about the alternative use of reserves aimed at reducing the public debt or even using them for productive investment.