Bitcoin y Reservas Internacionales: ¿Oportunidad para la estabilización monetaria en economías exportadoras? El Caso de El Salvador. Una simulación numérica 2015 – 2025
Bitcoin and International Reserves: ¿An opportunity for monetary stabilization in export-oriented economies? The case of El Salvador. A numerical simulation
DOI:
https://doi.org/10.56712/latam.v6i4.4559Palabras clave:
criptoactivos, reservas internacionales, Bitcoin, estabilidad monetaria, economías exportadorasResumen
El presente artículo examina la viabilidad de integrar criptoactivos como Bitcoin (BTC), en las reservas internacionales de economías exportadoras, explorando su potencial para contribuir a la estabilización monetaria. A través de una simulación de escenarios macroeconómicos en El Salvador, se evalúa el impacto de los criptoactivos en la resiliencia financiera y la diversificación de activos de reserva frente a la volatilidad de monedas fiduciarias. Los resultados sugieren que, bajo condiciones regulatorias adecuadas, la inclusión de criptoactivos puede representar una estrategia complementaria para economías altamente dependientes del comercio exterior.Descargas
Citas
Acuer. R; & Tercero – Lucas. D. (2022). Central bank digital currencies: a monetary anchor for stablecoins? BIS Working Papers no.981. https://www.bis.org/pub/work981.pdf
Adler,M; & Dumas,B (1983). International portfolio choice and corporation finance: A synthesis. The Journal of Finance, 38 (3), 925 – 984
Bank for International Settlements (2022). The role of cryptoassets in reserve management. BIS Bulletin no.69 http://www.bis.org/publ/bisbull69.pdf
Baur. D. G. & Hpang. L T (2021). A generalized tail risk measure and its application to cryptocurrencies. International Review of https://doi.org/10..1 016/j.irfa.2 020. 101 677.
Briguglio. L; Cordina. G Farrufgia. N; & Vella. S (2009). Economic Vulnerabilityand Resilience: Concepts and Measurements. Oxford Development Studies. 37(3). 229-247.https://doi.org/10.1 080/13 600810903089893
Bukele. N. (2002). El Salvador’s Bitcoin Strategy and Monetary Independence. SSRN.https://doi.org/10.2139/ssrn39271100
Catalini.C; & Gans.J.S (2019). Some simple economies of the blockchain. Communications of the ACM. 63(7). 80-90. https://doi.org/10.1145/3318162
Dyhrber, A. H. (2016) Hedging capabilities of Bitcoin. Is it the virtual gold? Finance Research Letters,16, 139-144. https://doi.org/10.1 016/j.frl.2 015.10.025
Fernández – Villaverde.J. (2021). The Economics of Bitcoin and digital currencies. NBER working paper no. 29127.https://doi.org/10.3386/w29127
Friedman, M. (1953). The Case for Flexile Exchange Rates. In Essays in Positive Economics (pp. 157 – 203). University of Chicago Press.
Gandal,N; & Halaburda, H. (2016). Can we predict the winner in a market with network effects? Evidence from cryptocurrencies. Games, 7 (3), 16. https://doi.org/10.3390/g7030016
Glasner.D. (2020). Crypto reserves and sovereign risk in emerging economies. Emerging Markets Review.45. 100742.https://doi.org/10.1016/j.ememar.2020.100742
International Monetary Fund (2023). Crypto Assets and Central Bank Reserves: Risk and Opportunities. https://www.imf.org/en/publications/WP2023/Cryptoassets
Ji,Q; Bpuri, E; Lau, C. K.M; & Roubaud, D. (2021). Network casuality structures among Bitcoin and other financial assests: A risk – based approach. Journal of financial stability,54,100875. https://doi.org/10.1016/j.jfs.2021.100875
Markowitz, H. (1952). Portfolio selection. The Journal of Finance,7 (1), 77 – 91. https://doi.org/10.2307/29759674
OECD (2022). Digital assets and financial markets. Htpps://www.oecd.org/finance/digital-assets-markets.htm.
Solnik. B.H. (1974). Why not diversify international rather than domestically? Financial Analysts Jpurnal, 30 (4),84-54.
Stulz, R.M. (1981). On the effects of barriers to International Investment. Journal of Finance, 36 (4),923-934.
UNCTAD (2023). Cryptocurrencies and development: implications for policy. https://unctad.org/publication/crypto-assets-development
World Bank (2024). Remittances and Financial Resilience in Latin America. https://www.worldbank.org/remittances-latinamerica
