Assessing the cost of international reserves in Tunisia / Radhouen RAHMOUNI 

Public ISBD Titre : Assessing the cost of international reserves in Tunisia Type de document : texte imprimé Auteurs : Radhouen RAHMOUNI, Auteur ; Riadh El Ferktaji, Auteur Editeur : Institut de financement du développement du Maghreb arabe (I.F.I.D) Année de publication : 2021 Importance : 60 p. Présentation : ill. tabl. en coul. Format : 30 cm. Langues : Français Catégories : 6 Politique, droit et économie:6.70 Finances et commerce:Finances:Institution financière:Banque Mots-clés : international reserves  Tunisia  cost of holding reserves  marginal cost of reserves  reserves accumulation  optimal reserves. Résumé : We endeavor to assess the cost of international reserves in Tunisia. They are of two types: the cost of holding reserves and the marginal cost of carrying reserves. The former is relevant when reserves are above optimal thus generating opportunity cost. The latter is relevant when reserves are sub-optimal and are measured by the cost of external debt. This is because debt is the driver of increasing reserves. We found that reserves in Tunisia are suboptimal using the IMF ARA measure for optimal reserves. That means we will deal with the marginal cost of carrying reserves. We proxied it by the coupon rates on issue dates obtained from a rundown of prospectuses when Tunisia accessed the international market. We ascertained the determinants of this cost. Essentially, we found that the cost is lower when reserves are accumulated, when a third-party guarantee is obtained, when sovereign rating is higher or when external debt is lower. En ligne : http://www.ifid-bibliotheque.com/biblio/39ème_Promotion_Banque/Rahmouni_Radhoue [...] Assessing the cost of international reserves in Tunisia [texte imprimé] / Radhouen RAHMOUNI, Auteur ; Riadh El Ferktaji, Auteur . - Tunis : Institut de financement du développement du Maghreb arabe (I.F.I.D), 2021 . - 60 p. : ill. tabl. en coul. ; 30 cm. Langues : Français Catégories : 6 Politique, droit et économie:6.70 Finances et commerce:Finances:Institution financière:Banque Mots-clés : international reserves  Tunisia  cost of holding reserves  marginal cost of reserves  reserves accumulation  optimal reserves. Résumé : We endeavor to assess the cost of international reserves in Tunisia. They are of two types: the cost of holding reserves and the marginal cost of carrying reserves. The former is relevant when reserves are above optimal thus generating opportunity cost. The latter is relevant when reserves are sub-optimal and are measured by the cost of external debt. This is because debt is the driver of increasing reserves. We found that reserves in Tunisia are suboptimal using the IMF ARA measure for optimal reserves. That means we will deal with the marginal cost of carrying reserves. We proxied it by the coupon rates on issue dates obtained from a rundown of prospectuses when Tunisia accessed the international market. We ascertained the determinants of this cost. Essentially, we found that the cost is lower when reserves are accumulated, when a third-party guarantee is obtained, when sovereign rating is higher or when external debt is lower. En ligne : http://www.ifid-bibliotheque.com/biblio/39ème_Promotion_Banque/Rahmouni_Radhoue [...]

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Code-barres	Cote	Support	Localisation	Section	Disponibilité
0900005994	39 éme Promotion Banque	Mémoire	Bibliothèque de l'IFID	Banques	Disponible

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