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Foreign Exchange Reserve Adequacy in East African Community Countries

Foreign Exchange Reserve Adequacy in East African Community Countries »

Source: Foreign Exchange Reserve Adequacy in East African Community Countries

Volume: 09

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 concomitant external shocks experienced in 2008-09 by the East African Community (EAC) countries of Kenya, Rwanda, Tanzania, and Uganda and stepped-up support by the IMF—including the SDR allocation&#x20...

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,...

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...

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...

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...

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...

Foreign Exchange Reserve Adequacy in East African Community Countries

Foreign Exchange Reserve Adequacy in East African Community Countries »

Volume: 09

Series: Departmental Papers / Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2009

DOI: http://dx.doi.org/10.5089/9781462366682.087

ISBN: 9781462366682

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

The concomitant external shocks experienced in 2008-09 by the East African Community (EAC) countries of Kenya, Rwanda, Tanzania, and Uganda and stepped-up support by the IMF—including the SDR allocation&#x20...