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Rapid Current Account Adjustments

Rapid Current Account Adjustments »

Source: Rapid Current Account Adjustments : Are Microstates Different?

Volume/Issue: 2008/233

Series: IMF Working Papers

Author(s): Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2008

ISBN: 9781451870916

Keywords: Terms of trade shocks, microstates, terms of trade, trade shocks, terms of trade shock, trade shock,

We describe unique aspects of microstates-they are less diversified, suffer from lumpiness of investment, they are geographically at the periphery and prone to natural disasters, and have less access to capital mar...

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...

Commodity Markets and the International Transmission of Fiscal Shocks

Commodity Markets and the International Transmission of Fiscal Shocks »

Source: Commodity Markets and the International Transmission of Fiscal Shocks

Volume/Issue: 1988/104

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 1988

ISBN: 9781451947724

Keywords: exchange rate, terms of trade, real exchange rate, commodity exporters, commodity prices

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, inclu...

International Reserves in Low Income Countries

International Reserves in Low Income Countries »

Source: International Reserves in Low Income Countries : Have they Served As Buffers?

Volume/Issue: 2012/7

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463930561

Keywords: Reserve adequacy, exogenous shocks, terms of trade, current account, reserve holdings, exchange rate regime,

This paper provides a historical perspective on the role of international reserves in low-income countries as a cushion against large external shocks over the last three decades - including the current global crisi...

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...

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...

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...

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...

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...