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El artículo presenta resultados obtenidos por un modelo económico que analiza la influencia sobre la demanda de reservas internacionales y balanza de pagos en América Latina. Los resultados sugieren que las importaciones contestan a la disponibilidad total de reservas. Además, el incremento del déficit es obvio en los países en vías de desarrollo a causa de el aumento tremendo en los precios de petróleo.

The article presents the estimation of the cost of adjustment to external disequilibria. The stability of an economy may be upset by disequilibria in the commercial and financial relationships between the domestic economy and the economies of other nations. These disequilibria will either be stochastic or structural in nature. The cost of adjustment to stochastic disequilibria may be defined as the change in national income required to alter temporarily the balance of payments by one monetary unit, there by offsetting the disequilibrium by one monetary unit. That is, the cost of adjustment A is a ratio A=dV/dQ. On an a priori basis, the cost of adjustment f under expenditure changing policies can be quantified as the reciprocal of the marginal propensity to import m. In the context of the above discussion the A Model of Reverse Demand. In general form, the demand for reserves can be written as E(R)* =R[Q,H,A,W] RQ0,RH<0,RA>0,RW>0.

International reserves held by the monetary authorities of countries are not used to finance international transactions but to allow the maintenance of fixed exchange rates through intervention by the monetary authorities in the foreign-exchange market. That is to say, international reserves are held by the monetary authorities for precautionary motives namely, to be able to finance temporary balance-of-payments deficits. This forestalls the need for immediate adjustment to the imbalances and allows the country to pursue more independent domestic policies in the face of external disturbances. It is clear that the quantity of international reserves required for this purpose is closely related to the magnitude of the imbalances in the balance of payments. The International Monetary Fund and several economists cling to the traditional reserves/imports ratio as a measure of the adequacy of international reserves, but it is generally recognized that this ratio is useful only insofar as the volume of trade and the size of the imbalances are correlated.