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IMF Support and Crisis Prevention

IMF Support and Crisis Prevention »

Series: Occasional Papers

Author(s): Atish Ghosh , Juan Zalduendo , Alun Thomas , Jun Kim , Uma Ramakrishnan , and Bikas Joshi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 May 2008

DOI: http://dx.doi.org/10.5089/9781589067097.084

ISBN: 9781589067097

Keywords: Balance of payments assistance, Emerging markets, Foreign exchange reserves, Fund role, Multilateral surveillance, capital account, crisis prevention, capital account crises, capital account crisis, current account

This paper examines the various roles of IMF financing in crisis prevention. Emerging market economies that experienced financial crises in the past have been subject to enormous economic and social costs, highligh...

Factors Influencing Emerging Market Central Banks’ Decision to Intervene in Foreign Exchange Markets

Factors Influencing Emerging Market Central Banks’ Decision to Intervene in Foreign Exchange Markets »

Source: Factors Influencing Emerging Market Central Banks' Decision to Intervene in Foreign Exchange Markets

Volume/Issue: 2013/70

Series: IMF Working Papers

Author(s): Matthew Malloy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2013

ISBN: 9781475532814

Keywords: exchange rate, reserve adequacy, foreign exchange reserves, exchange reserves

Using panel data for 15 economies from 2001-12, I identify determinants of central bank foreign exchange intervention in emerging markets ('EMs') with flexible to moderately managed exchange rates. Similar to other...

Sudden Stops and Optimal Self-Insurance

Sudden Stops and Optimal Self-Insurance »

Source: Sudden Stops and Optimal Self-Insurance

Volume/Issue: 2008/144

Series: IMF Working Papers

Author(s): Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2008

ISBN: 9781451870022

Keywords: sudden stop, country insurance, optimal reserves, global game, probability, short-term debt, calibration, current account, reserve accumulation,

This paper presents a simple model of optimal reserves that can be easily calibrated to compute optimal reserves as well as the implied probability of a sudden stop for given reserves. The model builds upon the glo...

Liquid Asset Ratios and Financial Sector Reform

Liquid Asset Ratios and Financial Sector Reform »

Source: Liquid Asset Ratios and Financial Sector Reform

Volume/Issue: 1997/144

Series: IMF Working Papers

Author(s): Anne Gulde

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1997

ISBN: 9781451856408

Keywords: Banks, Banking Regulation, Central Bank Policy, liquid asset, banking, reserve requirement, financial sector, bonds

As a monetary, selective credit, and government debt-management instrument, a liquid asset ratio is generally inefficient and may introduce serious distortions. However, it may play a limited role as a prudential i...

External Liabilities and Crises

External Liabilities and Crises »

Source: External Liabilities and Crises

Volume/Issue: 2013/113

Series: IMF Working Papers

Author(s): Luis Catão , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 May 2013

ISBN: 9781484315910

Keywords: International Investment Positions, Current Account Imbalances, Foreign Exchange Reserves, net external debt, net debt, current account balance, Financial Markets and the Macroeconomy, International Lending and Debt Problems, Foreign Exchange Reserves.,

We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition. Using a variety of statistical tools and comprehensive data spanning 1970-2011, we find that the ra...

I Overview

I Overview »

Source: IMF Support and Crisis Prevention

Series: Occasional Papers

Author(s): Atish Ghosh , Juan Zalduendo , Alun Thomas , Jun Kim , Uma Ramakrishnan , and Bikas Joshi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 May 2008

ISBN: 9781589067097

Keywords: Balance of payments assistance, Emerging markets, Foreign exchange reserves, Fund role, Multilateral surveillance, capital account, crisis prevention, capital account crises, capital account crisis, current account

The enormous economic and social costs of the financial crises that struck various emerging market countries at the turn of the last century underscore the importance of crisis prev...

II Anatomy of Capital Account Crises: Balance Sheet Vulnerabilities and Crisis Triggers

II Anatomy of Capital Account Crises: Balance Sheet Vulnerabilities and Crisis Triggers »

Source: IMF Support and Crisis Prevention

Series: Occasional Papers

Author(s): Atish Ghosh , Juan Zalduendo , Alun Thomas , Jun Kim , Uma Ramakrishnan , and Bikas Joshi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 May 2008

ISBN: 9781589067097

Keywords: Balance of payments assistance, Emerging markets, Foreign exchange reserves, Fund role, Multilateral surveillance, capital account, crisis prevention, capital account crises, capital account crisis, current account

The financial crises that struck a number of emerging market countries in the 1990s and early twenty-first century were characterized by sudden reversals of capital flows that had p...

III Toward Crisis Prevention: Precautionary Arrangements

III Toward Crisis Prevention: Precautionary Arrangements »

Source: IMF Support and Crisis Prevention

Series: Occasional Papers

Author(s): Atish Ghosh , Juan Zalduendo , Alun Thomas , Jun Kim , Uma Ramakrishnan , and Bikas Joshi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 May 2008

ISBN: 9781589067097

Keywords: Balance of payments assistance, Emerging markets, Foreign exchange reserves, Fund role, Multilateral surveillance, capital account, crisis prevention, capital account crises, capital account crisis, current account

The discussion in the previous section suggests where balance sheet vulnerabilities might lurk and how they may interact with specific triggers that result in a full-blown crisis. T...

IV Programs for Preventing Capital Account Crises

IV Programs for Preventing Capital Account Crises »

Source: IMF Support and Crisis Prevention

Series: Occasional Papers

Author(s): Atish Ghosh , Juan Zalduendo , Alun Thomas , Jun Kim , Uma Ramakrishnan , and Bikas Joshi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 May 2008

ISBN: 9781589067097

Keywords: Balance of payments assistance, Emerging markets, Foreign exchange reserves, Fund role, Multilateral surveillance, capital account, crisis prevention, capital account crises, capital account crisis, current account

One of the fundamental purposes of the IMF is to make its resources temporarily available to members experiencing balance of payments difficulties, easing the required balance of pa...

Factors Influencing Emerging Market Central Banks' Decision to Intervene in Foreign Exchange Markets

Factors Influencing Emerging Market Central Banks' Decision to Intervene in Foreign Exchange Markets »

Volume/Issue: 2013/70

Series: IMF Working Papers

Author(s): Matthew Malloy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2013

DOI: http://dx.doi.org/10.5089/9781475532814.001

ISBN: 9781475532814

Keywords: exchange rate, reserve adequacy, foreign exchange reserves, exchange reserves

Using panel data for 15 economies from 2001-12, I identify determinants of central bank foreign exchange intervention in emerging markets ('EMs') with flexible to moderately managed exchange rates. Similar to other...