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Are Emerging Asia's Reserves Really Too High?

Are Emerging Asia's Reserves Really Too High? »

Source: Are Emerging Asia's Reserves Really Too High?

Volume/Issue: 2008/192

Series: IMF Working Papers

Author(s): Marta Ruiz-Arranz , and Milan Zavadjil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2008

ISBN: 9781451870503

Keywords: external liabilities, short-term debt, reserve accumulation

Empirical analysis does not suggest that reserves are "too high" in the majority of Asian countries, though China may be a special case. Much of the reserve increase in Asia can be explained by an optimal insurance...

International Reserve Adequacy in the Gambia1

International Reserve Adequacy in the Gambia1 »

Source: International Reserve Adequacy in the Gambia

Volume/Issue: 2010/215

Series: IMF Working Papers

Author(s): Eugen Tereanu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

ISBN: 9781455208807

Keywords: Reserve adequacy, Optimal reserves, exchange rate, reserve accumulation, International Finance: General, Gambia,

This paper applies intertemporal models of precautionary saving to compute an optimal level of international reserves for The Gambia. The analysis focuses on current account shocks specific to a low-income economy...

Sudden Stops and Optimal Self-Insurance

Sudden Stops and Optimal Self-Insurance »

Source: Sudden Stops and Optimal Self-Insurance

Volume/Issue: 2008/144

Series: IMF Working Papers

Author(s): Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2008

ISBN: 9781451870022

Keywords: sudden stop, country insurance, optimal reserves, global game, probability, short-term debt, calibration, current account, reserve accumulation,

This paper presents a simple model of optimal reserves that can be easily calibrated to compute optimal reserves as well as the implied probability of a sudden stop for given reserves. The model builds upon the glo...

The Optimal Level of Foreign Reserves in Financially Dollarized Economies

The Optimal Level of Foreign Reserves in Financially Dollarized Economies »

Source: The Optimal Level of Foreign Reserves in Financially Dollarized Economies : The Case of Uruguay

Volume/Issue: 2007/265

Series: IMF Working Papers

Author(s): Fernando M. Gonçalves

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2007

ISBN: 9781451868289

Keywords: Foreign Reserves, Balance of Payments Crises, Bank Runs, Financial Dollarization, central bank, banking, foreign currency debt, currency debt, reserve accumulation,

This paper extends the framework derived by Jeanne and Rancière (2006) by explicitly incorporating the dollarization of bank deposits into the analysis of the optimal level of foreign reserves for prudential purpos...

International Reserves-Too Much of a Zipf's Thing

International Reserves-Too Much of a Zipf's Thing »

Source: International Reserves-Too Much of a Zipf's Thing

Volume/Issue: 2008/11

Series: IMF Working Papers

Author(s): Mariusz Sumlinski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2008

ISBN: 9781451868739

Keywords: Gibrat&;amp;#x2019;s law, Zipf&;amp;#x2019;s law, statistics, samples, reserve holdings, reserve accumulation

Concentrated distribution of international reserves is puzzling. I show that the growth rates of international reserves bear only a very weak relationship to their initial stocks (scaled by GDP or in absolute terms...

2014 Pilot External Sector Report

2014 Pilot External Sector Report »

Source: 2014 Pilot External Sector Report

Volume/Issue: 2014/035

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2014

ISBN: 9781498343183

Keywords: Capital flows, Current account balances, External financing, External sector, External Sector Report, Foreign exchange, Intervention, Reserves accumulation, Reserves adequacy

The IMF's third Pilot External Sector Report (ESR) presents a multilaterally consistent assessment of the largest economies' external sector positions and policies for 2013 and early 2014. The report integrates the...

Accounting for Reserves1

Accounting for Reserves1 »

Source: Accounting for Reserves

Volume/Issue: 2012/302

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Christian Saborowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2012

ISBN: 9781475535761

Keywords: Reserve accumulation, current account, capital account, current accounts, capital account liberalization, General,

Views on the effectiveness of sterilized reserve intervention vary. Sterilized intervention is generally seen as ineffective in advanced countries while persistent intervention by some emerging markets is often cit...

Spending Seigniorage

Spending Seigniorage »

Source: Spending Seigniorage : Do Central Banks Have a Governance Problem?

Volume/Issue: 2006/58

Series: IMF Working Papers

Author(s): Alain Ize

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

ISBN: 9781451863185

Keywords: seigniorage, expenditures, central bank, reserve accumulation, currency composition, Structure, Scope, and Performance of Government,

This paper reviews how central banks allocate seigniorage, based on systematic crosscountry comparisons of their financial accounts. Central banks are classified as weak or strong, depending upon their structural p...

Official Financial Flows, Capital Mobility, and Global Imbalances

Official Financial Flows, Capital Mobility, and Global Imbalances »

Source: Official Financial Flows, Capital Mobility, and Global Imbalances

Volume/Issue: 2014/199

Series: IMF Working Papers

Author(s): Tamim Bayoumi , Joseph Gagnon , and Christian Saborowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2014

ISBN: 9781484380239

Keywords: reserve accumulation, capital mobility, official flows, current account, current accounts, private flows, General,

We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on c...

Where Did All the Aid Go? An Empirical Analysis of Absorption and Spending1

Where Did All the Aid Go? An Empirical Analysis of Absorption and Spending1 »

Source: Where Did All the Aid Go? An Empirical Analysis of Absorption and Spending

Volume/Issue: 2008/34

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Ummul Hasanath Ruthbah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2008

ISBN: 9781451868968

Keywords: Spending, Absorption, Growth, current account balance, reserve accumulation, current account, capital formation, central bank,

This paper examines the macroeconomic usage of aid using panel data for a broad sample of aid-recipients. By definition an increase in aid must go toward a reduction in the current account balance (absorbed aid), a...