Front Matter Page
Western Hemisphere Department
Authorized for distribution by Jorge Guzmán
Contents
I. Introduction
II. Institutional Framework
A. ECCU
B. CFA Franc Zone
III. Theoretical Framework
A. Gains from Reserve Pooling
B. Data Issues
IV. Results and Discussion
A. Reserve Variability
B. Degree of Pooling
C. Hypothetical Reserves
D. Regression Results
V. Reserve Management
VI. Conclusions
Tables
1. Reserves Variability ECCU Monetary Authority 1980–1997
2. Reserves Variability WAEMU and CAEMC Monetary Authority 1980–1997
3. Coverage Ratios ECCU Monetary Authority 1980–1997
4. Coverage Ratios ECCU Monetary Authority 1980–1989
5. Coverage Ratios ECCU Monetary Authority 1990–1997
6. Coverage Ratios WAEMU and CAEMC Monetary Authority 1980–1997
7. Coverage Ratios WAEMU and CAEMC Monetary Authority 1980–1989
8. Coverage Ratios WAEMU and CAEMC Monetary Authority 1990–1997
9. Hypothetical Reserves ECCU Monetary Authority 1980–1997
10. Hypothetical Reserves ECCU Monetary Authority 1980–1989
11. Hypothetical Reserves ECCU Monetary Authority 1990–1997
12. Hypothetical Reserves WAEMU and CAEMC Monetary Authority 1980–1997
13. Hypothetical Reserves WAEMU and CAEMC Monetary Authority 1980–1989
14. Hypothetical Reserves WAEMU and CAEMC Monetary Authority 1990–1997
15. Demand for Reserves ECCU and CFA Franc Zone
Appendix
1. Trade-off Curves Between Reserves and Risk Factor
References