I offer a two-day seminar which introduces top policy makers in small open economies to a framework and a set of tools with which they can reliably target an optimal level of foreign reserves, whatever the nature of their exchange rate regime. The approach identifies the factors which reinforce the country’s competitiveness and maximize growth potential, while achieving the best inflation outcome which is achievable, given circumstances which the small economy cannot control, such as international oil and commodity prices. The key to success is the appropriate calibration and timing of fiscal strategies.
The seminar has been presented at two Caribbean central banks, most recently at the Central Bank of Belize. A report on that seminar may be found HERE.