Jovanovikj, Biljana; Andonova, Danica Unevska - 2017
costs of holding reserves, there are issues related to the adequacy of the current level of reserves. In this analysis we … make an effort to assess the optimal level of the official foreign reserves in Macedonia. The estimation of the optimal … level of foreign reserves is based on cost-benefit welfare model as in Jeanne and Ranciere (2011), in which reserves serve …