“…On the one hand, the analysis of the optimal level of international reserves that countries must maintain (Bhattacharya, Mann and Nkusu, 2019;Gevorkyan and Khemraj, 2019;Shi and Nie, 2017;Lanteri, 2013;Calvo, Izquierdo and Loo-Kung, 2012;Mwase, 2012;De Gregorio, 2011;Sula, 2011;Jeanne and Rancière, 2008;Soto, Naudon, López and Aguirre, 2004). On the other hand, those works that have studied the reasons why countries accumulate international reserves and the implications derived from this fact (Seghezza, Morelli and Pittaluga, 2017;Pina, 2015;Delatte and Fouquau, 2012;Vujanovic, 2011;Bastourre, Carrera and Ibarlucia, 2009;Aizenman and Lee, 2007;Mohanty and Turner, 2006). Finally, those empirical studies that have developed prediction models of international reserves (Jung and Pyun, 2018;Espinosa, 2016;Gupta, Hammoudeh, Kim and Simo-Kengne, 2014;Li and Yang, 2012).…”