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3. Anatomy of External Shocks in Low-Income Countries

3. Anatomy of External Shocks in Low-Income Countries »

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

Although the potential growth and welfare costs of external shocks in LICs are well documented, the role of reserves in mitigating the impact of such shocks warrants further attention. An event study approac...

Appendix 3: Data and Robustness Analysis of Optimal Reserves

Appendix 3: Data and Robustness Analysis of Optimal 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

This appendix discusses data sources for the regressions reported in Chapter 5, as well as the calibration exercise in Chapter 6, and reports robustness checks for the regression re...

Appendix 1: Data Sources and Definitions: Event Study Analysis

Appendix 1: Data Sources and Definitions: Event Study Analysis »

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 event study analysis is based on a panel of 71 LICs (Table A1.1). The sample period spans from 1980 to 2007 for the analysis of past shock episodes and from 2007 to 2010 for the...

Appendix 2: Robustness Analysis

Appendix 2: Robustness Analysis »

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 appendix provides a robustness check for the event study analysis using alternative definitions of shocks and related losses. In particular, shocks were redefined in terms of a...

Assessing Exchange Rate Competitiveness in the Eastern Caribbean Currency Union1

Assessing Exchange Rate Competitiveness in the Eastern Caribbean Currency Union1 »

Source: Assessing Exchange Rate Competitiveness in the Eastern Caribbean Currency Union

Volume/Issue: 2009/78

Series: IMF Working Papers

Author(s): Emilio Pineda , Paul Cashin , and Yan Sun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2009

ISBN: 9781451872255

Keywords: Equilibrium real exchange rate, tourism exports, panel estimation, ECCU, exchange rate, real exchange rate, current account, current account balance,

This paper uses three methods to assess movements of real exchange rates in the ECCU over time. First, the purchasing power parity hypothesis is tested and then used to provide a benchmark for equilibrium real exch...

Assessing Reserve Adequacy in Low-Income Countries

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

DOI: http://dx.doi.org/10.5089/9781616354121.084

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...

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...

CHAPTER 2 Emerging from the Crisis—Prospects and Macroeconomic Challenges

CHAPTER 2 Emerging from the Crisis—Prospects and Macroeconomic Challenges »

Source: Emerging from the Global Crisis : Macroeconomic Challenges Facing Low-Income Countries

Series: Departmental Papers / Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2011

ISBN: 9781616350734

Keywords: Economic growth, Low-income developing countries, Global Financial Crisis 2008-2009, public debt, current account, fiscal policy, exchange rate, current account deficits

LICs’ economic recovery is projected to be faster and more aligned with the rest of the world than in previous crises, although the pace of recovery will vary...