International Reserve Management under Rollover Crises

We are especially grateful to Manuel Amador for numerous conversations. We also thank Alessandro Dovis, Tim Kehoe and seminar participants at the “Rethinking Sovereign Debt Sustainability and Crises” workshop at EUI, SAET, University of Florida, Rice University, and the Trade Workshop at the University of Minnesota for helpful comments. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.