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Back Matter

Back Matter »

Source: Assessing Reserve Adequacy in Low-Income Countries

Series: Occasional Papers

Author(s): Valerio Crispolti , Era Dabla-Norris , Jun Kim , Kazuko Shirono , and George Tsibouris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

ISBN: 9781616354121

Keywords: External shocks, reserve holdings, consumption growth, terms of trade, current account

Low-income countries routinely experience exogenous disturbances—sharp swings in the terms of trade, export demand, natural disasters, and volatile financial flows—that contribute to higher volatility...

Front Matter

Front Matter »

Source: Assessing Reserve Adequacy in Low-Income Countries

Series: Occasional Papers

Author(s): Valerio Crispolti , Era Dabla-Norris , Jun Kim , Kazuko Shirono , and George Tsibouris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

ISBN: 9781616354121

Keywords: External shocks, reserve holdings, consumption growth, terms of trade, current account

Low-income countries routinely experience exogenous disturbances—sharp swings in the terms of trade, export demand, natural disasters, and volatile financial flows—that contribute to higher volatility...

6. Calibrating Reserves for Country Groups

6. Calibrating Reserves for Country Groups »

Source: Assessing Reserve Adequacy in Low-Income Countries

Series: Occasional Papers

Author(s): Valerio Crispolti , Era Dabla-Norris , Jun Kim , Kazuko Shirono , and George Tsibouris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

ISBN: 9781616354121

Keywords: External shocks, reserve holdings, consumption growth, terms of trade, current account

Having estimated conditional probability of a crisis (P) and the cost of a crisis (C), this chapter elaborates on the calibration results. We first construct a benchmark calibration for various country group...

7. Conclusion

7. Conclusion »

Source: Assessing Reserve Adequacy in Low-Income Countries

Series: Occasional Papers

Author(s): Valerio Crispolti , Era Dabla-Norris , Jun Kim , Kazuko Shirono , and George Tsibouris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

ISBN: 9781616354121

Keywords: External shocks, reserve holdings, consumption growth, terms of trade, current account

The stylized facts presented in this study suggest that LICs are subject to a wide variety of external shocks that can have significant, enduring consequences for growth and economic welfare. Against this ba...

2. External Shocks and Macroeconomic Performance

2. External Shocks and Macroeconomic Performance »

Source: Assessing Reserve Adequacy in Low-Income Countries

Series: Occasional Papers

Author(s): Valerio Crispolti , Era Dabla-Norris , Jun Kim , Kazuko Shirono , and George Tsibouris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

ISBN: 9781616354121

Keywords: External shocks, reserve holdings, consumption growth, terms of trade, current account

Macroeconomic volatility in LICs reflects a high frequency of exogenous shocks. Real external shocks and natural disasters are more frequent in LICs compared with advanced and emerging market countries. An a...

1. Introduction

1. Introduction »

Source: Assessing Reserve Adequacy in Low-Income Countries

Series: Occasional Papers

Author(s): Valerio Crispolti , Era Dabla-Norris , Jun Kim , Kazuko Shirono , and George Tsibouris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

ISBN: 9781616354121

Keywords: External shocks, reserve holdings, consumption growth, terms of trade, current account

Low-income countries (LICs) are routinely faced with a wide range of exogenous disturbances—sharp swings in the terms of trade and export demand, natural disasters, and volatile financial flows—and the resul...

5. Optimal Precautionary Reserves

5. Optimal Precautionary Reserves »

Source: Assessing Reserve Adequacy in Low-Income Countries

Series: Occasional Papers

Author(s): Valerio Crispolti , Era Dabla-Norris , Jun Kim , Kazuko Shirono , and George Tsibouris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

ISBN: 9781616354121

Keywords: External shocks, reserve holdings, consumption growth, terms of trade, current account

Assessing reserve adequacy requires an understanding of the benefits of reserves in smoothing domestic consumption and absorption in response to external shocks, as well as the costs of holding reserves. In...

4. Stylized Facts

4. Stylized Facts »

Source: Assessing Reserve Adequacy in Low-Income Countries

Series: Occasional Papers

Author(s): Valerio Crispolti , Era Dabla-Norris , Jun Kim , Kazuko Shirono , and George Tsibouris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

ISBN: 9781616354121

Keywords: External shocks, reserve holdings, consumption growth, terms of trade, current account

This chapter provides an overview of recent developments in reserve accumulation in LICs. It also presents results of a reserve demand regression, which allows for a more systematic assessment of reserve hol...

The Challenge of Public Pension Reform in Advanced and Emerging Economies

The Challenge of Public Pension Reform in Advanced and Emerging Economies »

Series: Occasional Papers

Author(s): Benedict Clements , David Coady , Frank Eich , Sanjeev Gupta , Alvar Kangur , Baoping Shang , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2013

DOI: http://dx.doi.org/10.5089/9781616354138.084

ISBN: 9781616354138

Keywords: Cross country analysis, Developed countries, Emerging markets, Government expenditures, Pension reforms, Pensions, pension, retirement, pension spending, public pension

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population...

Considerations for Pension Reform

Considerations for Pension Reform »

Source: The Challenge of Public Pension Reform in Advanced and Emerging Economies

Series: Occasional Papers

Author(s): Benedict Clements , David Coady , Frank Eich , Sanjeev Gupta , Alvar Kangur , Baoping Shang , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2013

ISBN: 9781616354138

Keywords: Cross country analysis, Developed countries, Emerging markets, Government expenditures, Pension reforms, Pensions, pension, retirement, pension spending, public pension

Pension reforms should (1) contribute to fiscal consolidation efforts, (2) address equity issues, and (3) support economic growth. The objective of public pensions is to provide retirement income security wi...