I do not know if to accumulate reserves is most efficient, but know that it influences in the investing behavior. We say that it positively affects the perception of strength of an economy and dissuades of speculative attacks to the same. Before the opposite considerations to these policies that take organizations like the BCRA ahead, Redrado it did not let pass the opportunity and it left to play hard to respond to its guest and representative to him of the IMF when saying about the international reserves: the reserves are a stability anchor. It is not that the BCRA and Argentina do not wish to count on mechanisms of attendance of the IMF. In fact, Redrado jointly with the minister of Economy Argentinean, Loved Boudou, met with Blanchard to advance in agreements with the IMF to accede to lines of financing.
But beyond it, a country as Argentina cannot be given the luxury of not counting on a strong mattress of reserves to preserve the economic stability, fundamental element for the growth and development of the country. But Redrado has not been the unique one that defended the policy of accumulation of reserves in the region. The governor of the Bank of Reserve of Peru, Julio Velarde, has left in clear the lightening that represented for him and the conduction of the monetary policy in Peru the existence of international reserves that allowed him to face the turbulences and to limit volatileness in the markets. Also the Governor of the Central bank of Colombia, Jose Daro Uribe, has valued the benefits of the policy of accumulation of reserves like shock-absorbing mechanism of the crisis. What the IMF still does not recognize is that the international reserves have played a fundamental roll in countries like Argentina with almost null opportunities to accede to lines of financing of emergencia to face the crisis.
The world still sees the emergent ones with distrust reason why any negative event or in Argentina or any other Latin American country, would have shot destabilizing movements for these economies and even for the region. International the financial crisis, without the reserves would have implied doubtlessly for Argentina (and probably for the majority of the countries of the region), an exchange crisis with consequences much majors on the real economy. In order to finish the article I believe that the message of Redrado is representative of the message of the emergent countries towards the IMF: the multilateral organisms have taken some steps in the right direction but it is a quite arduous way to cross so that these finally they become the true guardians of international the financial stability. The IMF must in the first place be concentrated in the global financial stability if it wants to really help the emergent economies and on the other hand, it must to leave of side its magical prescriptions and to include/understand in depth the reality of each country to adapt the recommendations doing them truly effective. It will be able to change the IMF and to burn its old prescription book which uses the same for all the countries?