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VERSION:2.0
PRODID:-//AMSE//Event Calendar//FR
CALSCALE:GREGORIAN
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UID:event-11056@www.amse-aixmarseille.fr
DTSTAMP:20260422T121409Z
CREATED:20260422T121409Z
LAST-MODIFIED:20260422T121409Z
STATUS:CONFIRMED
SEQUENCE:0
SUMMARY:Macro and labor market seminar - Michael Devereux
DTSTART:20240614T103000Z
DTEND:20240614T113000Z
DESCRIPTION:Foreign reserves management changes the risk profile of a curre
 ncy\, there- fore influencing the pricing of sovereign debt\, and the sover
 eign debt cur- rency portfolio. Empirically\, inflation-targeters in emergi
 ng countries with higher foreign reserves feature an “original sin” dis
 sipation: high local cur- rency share in the sovereign debt portfolio. We p
 ropose a quantitative model of optimal reserves management and sovereign cu
 rrency portfolios. The op- timal reserves policy leans against the global w
 ind so the exchange rate de- preciates less in global bad times\, resulting
  in a lower premium charged by global investors and more local currency sov
 ereign debt. We confirm these features empirically and via data-simulated r
 egressions.\\n\\nContact: Marco Fongoni: marco.fongoni[at]univ-amu.frFrance
 sco Gaudio: francesco-saverio.gaudio[at]univ-amu.fr\n\nPlus d'informations
 : https://www.amse-aixmarseille.fr/en/events/michael-devereux-2
LOCATION:Îlot Bernard du Bois - Salle 15\, AMU - AMSE\, 5-9 boulevard Maur
 ice Bourdet\, 13001 Marseille
URL;VALUE=URI:https://www.amse-aixmarseille.fr/en/events/michael-devereux-2
CONTACT:Marco Fongoni: marco.fongoni[at]univ-amu.frFrancesco Gaudio:&nbsp\;
 francesco-saverio.gaudio[at]univ-amu.fr
TRANSP:OPAQUE
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