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DUNCAN RIPLEY and ESTHER C. SUSS

Reserve holdings vary widely among countries. Large countries tend to hold more reserves than small countries, and countries whose economies are open tend to hold more reserves than countries whose economies are isolated. The simplest approach to a study of reserve distribution is purely descriptive—endeavoring, for example, to fit a pareto distribution to countries’ reserve holdings. While the relation of reserve distributions to some mathematical function is interesting in itself, descriptive measures of reserve distribution cannot be used to infer any maldistribution of reserve holdings because (1) maldistribution has a normative connotation, and (2) the descriptive approach does not standardize reserve needs according to the characteristics of individual countries.

Anna Ter-Martirosyan, Ms. Sally Chen, Mr. Lawrence Dwight, Ms. Mwanza Nkusu, Mr. Mehdi Raissi, and Ms. Ashleigh Watson
External Assessments in Special Cases presents the pilot External Balances Assessment methodology developed by IMF staff for estimating current account and exchange rate gaps for a group of advanced and emerging market economies, and discusses modifications to take account of special cases. Different approaches to external assessments for countries with special circumstances are evaluated, and some tools presented that could be used to inform sound judgment on the part of those conducting such assessments.
Anthony J. Venables and Samuel Wills

The September 2015 issue of the IMF Research Bulletin covers a range of research topics and announcements of interest to those following finance and economics.

International Monetary Fund

Abstract

The External Sector Report presents a methodologically consistent assessment of the exchange rates, current accounts, reserves, capital flows, and external balance sheets of the world’s largest economies. The 2018 edition includes an analytical assessment of how trade costs and related policy barriers drive excess global imbalances.

International Monetary Fund

Iceland’s 2008 Article IV Consultation shows that the long expansion is coming to an end, exposing the economy’s overstretched private sector balance sheets, large macroeconomic imbalances, and high dependence on foreign financing. With external liquidity constraints binding, economic activity is expected to slow significantly from unsustainably high levels, inflation to remain well above target, and the current account to narrow. Uncertainty surrounding the outlook is unusually large, dominated by significant downside risks, both external and domestic.

International Monetary Fund
This 2002 Article IV Consultation highlights that despite lower oil revenue, the United Arab Emirates economy performed relatively well in 2001. The external current account surplus remained large, even though average oil prices declined by 12.6 percent to US$23.78 per barrel, leading to a loss in oil export receipts equivalent to 5 percent of GDP. Real GDP grew by about 4 percent, as a number of projects were launched in construction, electricity and water, and downstream oil sectors.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund. Asia and Pacific Dept
This 2014 Article IV Consultation highlights that Hong Kong Special Administrative Region’s (HKSAR) growth recovered to 2.9 percent in 2013 as resilient domestic demand helped offset the continued drag from net exports. As the global recovery takes hold, external demand is forecast to improve and lift growth to about 3¾ percent in 2014, although domestic demand remains solid. Inflation is expected to remain at about 4 percent, given the slow pass-through of housing costs. In line with the improved economic outlook, the 2014/15 budget includes a reduction in one-off measures of about 1.9 percent of GDP.
International Monetary Fund
Statistics of Kuwait’s economics are presented in this paper. Some of the areas covered include gross domestic product prices, gross domestic expenditure; production, disposal, and prices of oil, and LPG consumer. Data on population and employment, summary of government finance, revenue, current expenditure, domestic subsidies and transfers are provided. The monetary survey balance sheet of local banks, interest rates with local banks, and net foreign assets of the financial sector as well as financial soundness indicators, external debt, and international investment position data are presented.