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Record Nr. |
UNINA9910814665103321 |
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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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Edizione |
[1st ed.] |
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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 |
Banking |
Banks and Banking |
Capital movements |
Central banks |
Consumption |
Currency |
Current Account Adjustment |
Debts, External |
Economics |
Emerging and frontier financial markets |
Exchange rate arrangements |
Exports and Imports |
External debt |
Finance |
Finance: General |
Financial markets |
Financial services industry |
Foreign exchange reserves |
Foreign Exchange |
Foreign exchange |
General Financial Markets: General (includes Measurement and Data) |
International economics |
International Investment |
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International Lending and Debt Problems |
Long-term Capital Movements |
Macroeconomics |
Macroeconomics: Consumption |
Monetary Policy |
Reserve positions |
Reserves accumulation |
Saving |
Short-term Capital Movements |
Sudden stops |
Wealth |
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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