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Appendix I. Exchange Rate Classification Codes

Appendix I. Exchange Rate Classification Codes »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

Ilzetzki, Reinhart, and Rogoff (2010) [IRR] classification codes 1 N...

Appendix II. Country Specifications in the SVAR

Appendix II. Country Specifications in the SVAR »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

Our data set includes observations for the following periods (data for the United States, Canada, and the oil price are available for as long as is necessary for our purposes)....

Appendix III. Impulse Response Functions

Appendix III. Impulse Response Functions »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

Impulse responses functions are plotted below for the five endogenous variables and the five structural shocks. The dotted lines represent bootstrapped 90 percent confidence bands. United States* and Kenya*,...

Appendix IV. Variance Decompositions

Appendix IV. Variance Decompositions »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

Variance Decompositions with the United States* Burundi...

5 CHAPTER Conclusions and Medium-Term Outlook

5 CHAPTER Conclusions and Medium-Term Outlook »

Source: Foreign Exchange Reserve Adequacy in East African Community Countries

Series: Departmental Papers / Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2009

ISBN: 9781462366682

Keywords: East Africa, SDRs, Reserve requirements, Reserves adequacy, reserve holdings, external shocks, trade shocks, terms-of-trade shocks, international reserves

The analysis here suggests that reserve levels in EAC countries include safety buffers, and thus, do not require immediate action. Most indicators used for the analysis indicate that projected reserves at en...

3 CHAPTER Evolution of Reserve Holdings in EAC Countries

3 CHAPTER Evolution of Reserve Holdings in EAC Countries »

Source: Foreign Exchange Reserve Adequacy in East African Community Countries

Series: Departmental Papers / Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2009

ISBN: 9781462366682

Keywords: East Africa, SDRs, Reserve requirements, Reserves adequacy, reserve holdings, external shocks, trade shocks, terms-of-trade shocks, international reserves

The EAC countries have accumulated international reserves over the past ten years. A generally favorable international environment and prudent macroeconomic policies have contributed to the accumulation of i...

1 CHAPTER Introduction

1 CHAPTER Introduction »

Source: Foreign Exchange Reserve Adequacy in East African Community Countries

Series: Departmental Papers / Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2009

ISBN: 9781462366682

Keywords: East Africa, SDRs, Reserve requirements, Reserves adequacy, reserve holdings, external shocks, trade shocks, terms-of-trade shocks, international reserves

The global financial crisis has affected the level of reserves in many emerging market and developing countries (EMDCs). The crisis has caused a surge in risk aversion, a decline in capital and trade flows,...

4 CHAPTER Optimal Reserve Model

4 CHAPTER Optimal Reserve Model »

Source: Foreign Exchange Reserve Adequacy in East African Community Countries

Series: Departmental Papers / Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2009

ISBN: 9781462366682

Keywords: East Africa, SDRs, Reserve requirements, Reserves adequacy, reserve holdings, external shocks, trade shocks, terms-of-trade shocks, international reserves

To complement the analysis, this chapter applies an optimal reserve model to assess the adequacy of reserves in EAC countries. While most optimal reserve models focus on the risk of sudden stops in capital f...

2 CHAPTER Overview of Literature on Reserves Adequacy

2 CHAPTER Overview of Literature on Reserves Adequacy »

Source: Foreign Exchange Reserve Adequacy in East African Community Countries

Series: Departmental Papers / Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2009

ISBN: 9781462366682

Keywords: East Africa, SDRs, Reserve requirements, Reserves adequacy, reserve holdings, external shocks, trade shocks, terms-of-trade shocks, international reserves

There are several motives for central banks to hold foreign exchange reserves: Meeting transaction needs.Reserves may be held to finance foreign excha...

4. Conclusions

4. Conclusions »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

This paper identifies the degree of susceptibility of the EAC economies to asymmetric shocks; assesses the value of the exchange rate as a shock absorber for these countries; and reviews adjustment mechanism...