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Record Nr. |
UNINA9910788412603321 |
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Autore |
Ranciere Romain |
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Titolo |
The Optimal Level of International Reserves for Emerging Market Countries : : Formulas and Applications / / Romain Ranciere, Olivier Jeanne |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-3365-6 |
1-4527-5316-4 |
1-283-36412-3 |
9786613823564 |
1-4519-0942-X |
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Descrizione fisica |
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1 online resource (35 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Balance of payments |
Foreign exchange administration |
Exports and Imports |
Finance: General |
Foreign Exchange |
Macroeconomics |
Banks and Banking |
Current Account Adjustment |
Short-term Capital Movements |
International Investment |
Long-term Capital Movements |
International Lending and Debt Problems |
General Financial Markets: General (includes Measurement and Data) |
Macroeconomics: Consumption |
Saving |
Wealth |
Monetary Policy |
International economics |
Finance |
Currency |
Foreign exchange |
Banking |
Sudden stops |
External debt |
Emerging and frontier financial markets |
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Exchange rate arrangements |
Consumption |
Reserve positions |
Central banks |
Reserves accumulation |
Financial markets |
Capital movements |
Debts, External |
Financial services industry |
Economics |
Foreign exchange reserves |
Thailand |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. SUDDEN STOPS AND RESERVES: SOME FACTS""; ""III. THE MODEL""; ""IV. APPLICATIONS""; ""V. EXTENSIONS""; ""VI. CONCLUDING COMMENTS""; ""APPENDIX: COMPUTATIONS""; ""REFERENCES"" |
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Sommario/riassunto |
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We present a model of the optimal level of international reserves for a small open economy that is vulnerable to sudden stops in capital flows. Reserves allow the country to smooth domestic absorption in response to sudden stops, but yield a lower return than the interest rate on the country's long-term debt. We derive a formula for the optimal level of reserves, and show that plausible calibrations can explain reserves of the order of magnitude observed in many emerging market countries. However, the recent buildup of reserves in Asia seems in excess of what would be implied by an insurance motive against sudden stops. |
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