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Optimal Reserves in Financially Closed Economies1

Optimal Reserves in Financially Closed Economies1 »

Source: Optimal Reserves in Financially Closed Economies

Volume/Issue: 2016/92

Series: IMF Working Papers

Author(s): Olivier Jeanne , and Damiano Sandri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 April 2016

ISBN: 9781484325445

Keywords: Official reserves, current account, precautionary savings

Financially closed economies insure themselves against current-account shocks using international reserves. We characterize the optimal management of reserves using an open-economy model of precautionary savings an...

Precautionary Monetary and Fiscal Policies

Precautionary Monetary and Fiscal Policies »

Source: Precautionary Monetary and Fiscal Policies

Volume/Issue: 2007/30

Series: IMF Working Papers

Author(s): Pelin Berkmen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2007

ISBN: 9781451865943

Keywords: Precautionary Motive, inflation, rational expectations, inflation rate, inflation targeting,

This paper explains why the debt reduction motive for countries that are subject to borrowing constraints and a volatile environment is greater than for those with a more stable environment and relatively better ac...

Oil Exporters' Dilemma

Oil Exporters' Dilemma »

Source: Oil Exporters' Dilemma : How Much to Save and How Much to Invest

Volume/Issue: 2012/4

Series: IMF Working Papers

Author(s): Reda Cherif , and Fuad Hasanov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781475502459

Keywords: volatility, precautionary, saving, buffer-stock, investment, oil exporters, fiscal policy, exporters, exporting countries, domestic investment

Policymakers in oil-exporting countries confront the question of how to allocate oil revenues among consumption, saving, and investment in the face of high income volatility. We study this allocation problem in a p...

Financial Versus Monetary Mercantilism

Financial Versus Monetary Mercantilism »

Source: Financial Versus Monetary Mercantilism : Long-Run View of Large International Reserves Hoarding

Volume/Issue: 2006/280

Series: IMF Working Papers

Author(s): Jaewoo Lee , and Joshua Aizenman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2006

ISBN: 9781451865400

Keywords: competitive real depreciations, self insurance, precautionary hoarding, hoarding, international reserves, financial sector, financial fragility, Economic Growth of Open Economies,

The sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism-hoarding international reserves in order to improve competi...

Why are Saving Rates of Urban Households in China Rising?

Why are Saving Rates of Urban Households in China Rising? »

Source: Why are Saving Rates of Urban Households in China Rising?

Volume/Issue: 2008/145

Series: IMF Working Papers

Author(s): Marcos Chamon , and Eswar Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2008

ISBN: 9781451870039

Keywords: household savings, age and cohort profiles of savings, borrowing constraints, precautionary savings financial development, demographics, expenditures, income growth, consumption growth, health expenditures, disposable income,

From 1995 to 2005, the average urban household saving rate in China rose by 7 percentage points, to 1/4 of disposable income. We use household-level data to explain the postponing of consumption despite rapid incom...

The Volatility Trap

The Volatility Trap »

Source: The Volatility Trap : Precautionary Saving, Investment, and Aggregate Risk

Volume/Issue: 2012/134

Series: IMF Working Papers

Author(s): Reda Cherif , and Fuad Hasanov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503869

Keywords: Volatility, risk, precautionary saving, buffer-stock, growth, investment rate, standard deviation, nonlinear relationship, correlation, statistics

We study the effects of permanent and temporary income shocks on precautionary saving and investment in a "store-or-sow" model of growth. High volatility of permanent shocks results in high precautionary saving in...

On the Sources of Oil Price Fluctuations

On the Sources of Oil Price Fluctuations »

Source: On the Sources of Oil Price Fluctuations

Volume/Issue: 2009/285

Series: IMF Working Papers

Author(s): Deren Unalmis , Ibrahim Unalmis , and Filiz Unsal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

ISBN: 9781451874303

Keywords: Oil Price Fluctuations, Oil Demand and Oil Supply Shocks, Precautionary Demand Shock, Small Open Economy, DSGE Models, oil supply, oil demand, oil market, aggregate demand,

Analyzing macroeconomic impacts of oil price changes requires first to investigate different sources of these changes and their distinct effects. Kilian (2009) analyzes the effects of an oil supply shock, an aggreg...

Precautionary Reserves

Precautionary Reserves »

Source: Precautionary Reserves : An Application to Bolivia

Volume/Issue: 2010/54

Series: IMF Working Papers

Author(s): Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

ISBN: 9781451963502

Keywords: Reserve adequacy, Optimal Reserves, Precautionary Motive, Balance of Payments Crises, foreign assets, net foreign assets, foreign asset, net foreign asset, net foreign asset position,

Using precautionary savings models we compute levels of optimal reserves for Bolivia. Because of Bolivia's reliance on commodity exports and little integration with capital markets, we focus on current account shoc...

Morocco: Third Review Under the Arrangement Under the Precautionary and Liquidity Line

Morocco: Third Review Under the Arrangement Under the Precautionary and Liquidity Line »

Source: Morocco

Volume/Issue: 2016/38

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2016

ISBN: 9781484398036

Keywords: liquidity, monetary fund, market, deficit, inflation, Staff Reports, Pension funds, Precautionary and Liquidity Line, Press releases, Morocco

This paper reviews Morocco's economic performance under a program supported by a two-year Precautionary and Liquidity Line (PLL) arrangement. Macroeconomic conditions of Morocco have continued to improve, but chall...

IMF Executive Board Completes the Third Review of the Precautionary and Liquidity Line for Morocco

IMF Executive Board Completes the Third Review of the Precautionary and Liquidity Line for Morocco »

Source: Morocco

Volume/Issue: 2016/38

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2016

ISBN: 9781484398036

Keywords: liquidity, monetary fund, market, deficit, inflation, Staff Reports, Pension funds, Precautionary and Liquidity Line, Press releases, Morocco

This paper reviews Morocco's economic performance under a program supported by a two-year Precautionary and Liquidity Line (PLL) arrangement. Macroeconomic conditions of Morocco have continued to improve, but chall...