Foreign reserve adequacy in Sub-Saharan Africa / / Paulo Drummond and Anubha Dhasmana ; authorized for distribution by Andrew Berg

• Record Nr.: UNINA9910464014603321
• Autore: Drummond Paulo
• Pubbl/distr/stampa: [Washington, District of Columbia] : , : International Monetary Fund, , 2008; ©2008
• ISBN: 1-4623-5176-X; 1-4527-3495-X; 9786612841019; 1-282-84101-7; 1-4518-7008-6
• Descrizione fisica: 1 online resource (38 p.)
• Collana: IMF Working Papers; IMF working paper ; ; WP/08/150
• Altri autori (Persone): DhasmanaAnubha; BergAndrew
• Disciplina: 332.410967
• Soggetti: Foreign exchange - Africa, Sub-Saharan - Econometric models; Bank reserves - Africa, Sub-Saharan - Econometric models; Foreign exchange - Econometric models; Bank reserves - Econometric models; Electronic books.
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Contents; I. Introduction; II. Foreign Reserves in sub-Saharan Africa; Figures; 1. Reserves in Months of Imports; Tables; 1. Comparisons of International Reserves Across Regions, 1995-07; III. Shocks Facing Sub-Saharan Africa; 3. Reserves to Short-Term Debt <2, 2007; 4. Frequency Distributions of Key Parameters; 5. Frequency Distributions of Key Parameters; 6. Response of Key Macro Economic Variables to a Large TOT Schock; 7. Response of Key Macroeconomic Variables to a Large Aid Shock; IV. Small Open Economy with Two Goods; V. Simulation Results; 8. Optimal Reserve Behavior - Jeanne-Ranciere v.s. Two-Good9. Path of ; Consumption-Ranciere vs. Two-Good Model; 10. Optimal Reserve Behavior-Two Good Model with both TOT and Aid Shock [I]; 11. Optimal Reserve Behavior-Two Good Model with both TOT and Aid Shock [II]; 12. Actual Level of Reserves to GDP ratio for SSA countries; 13. Sensitivity of Optimal Reserves to Key Parameters; 14. Sensitivity of Optimal Reserves to Key Parameters; 15. Reserve Adequacy for African Countries Using Two-Good Model /1; VI. Conclusion; 16. Country Specific Application-Illustrative Examples.; A1. Benchmark ParametersA2. Simulation Parameters for Countries; References; References
• Sommario/riassunto: This paper looks at the question of adequacy of reserves in sub-Saharan African countries in light of the shocks faced by these countries. Literature on optimal reserves so far has not paid attention to the particular shocks facing low-income countries. We use a two-good endowment economy model facing terms of trade and aid shocks to derive the optimal level of reserves by comparing the cost of holding reserves with their benefits as an insurance against a shock. We find that the optimal level of reserves depends upon the size of these shocks, their probability, and the output cost associated

Preventing currency crises in emerging markets / / edited by Sebastian Edwards and Jeffrey A. Frankel

• Record Nr.: UNINA9910967779403321
• Pubbl/distr/stampa: Chicago, : University of Chicago Press, c2002
• ISBN: 9786612004841; 9781282004849; 1282004840; 9780226185057; 0226185052
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (783 p.)
• Collana: A National Bureau of Economic Research conference report
• Altri autori (Persone): EdwardsSebastian <1953->; FrankelJeffrey A
• Disciplina: 332.4/91724
• Soggetti: Currency question - Developing countries; Financial crises - Developing countries
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Papers presented at a conference held in Islamorada, Fla., in Jan. 2001.
• Nota di bibliografia: Includes bibliographical references and indexes.
• Nota di contenuto: Frontmatter -- Contents -- Acknowledgments -- Introduction -- 1. Does the Current Account Matter? -- 2. Are Trade Linkages Important Determinants of Country Vulnerability to Crises? -- 3. What Hurts Emerging Markets Most? -- 4 When Is U.S. Bank Lending to Emerging Markets Volatile? -- 5. The Role of Large Players in Currency Crises -- 6. Contagion -- 7. Credit, Prices, and Crashes -- 8. Did the Malaysian Capital ControlsWork? -- 9. Malaysia's Crisis -- 10. Negative Alchemy? -- 11. Domestic Bank Regulation and Financial Crises -- 12. Dollarization of Liabilities, Net Worth Effects, and Optimal Monetary Policy -- 13. Chaebol Capitalism and the Currency-Financial Crisis in Korea -- 14. Living with the Fear of Floating -- 15. Policy in an Economy with Balance Sheet Effects -- 16. A Primer on Emerging-Market Crises -- Contributors -- Author Index -- Subject Index
• Sommario/riassunto: Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral ; organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.