03597nam 2200721 450 991046360340332120181115032543.01-4623-3561-61-4527-3697-91-282-84100-91-4518-7007-89786612841002(CKB)3170000000055045(EBL)1607899(SSID)ssj0000944152(PQKBManifestationID)11597308(PQKBTitleCode)TC0000944152(PQKBWorkID)10982483(PQKB)10101856(OCoLC)762675555(MiAaPQ)EBC1607899(EXLCZ)99317000000005504520140226h20082008 uy 0engurcnu||||||||txtccrInternational reserves and self-insurance against external shocks /Régis Barnichon ; authorized for distribution by Juan Zalduendo[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (23 p.)IMF Working PapersIMF working paper ;WP/08/149Description based upon print version of record.1-4519-1460-1 Includes bibliographical references.Contents; I. Introduction; II. Natural Disasters in the Caribbean and the Sahel; A. Hurricanes in the Caribbean; B. Droughts in the Sahel; III. A model of optimal international reserves; A. The model; B. An approximated closed-form solution for the reserves-to-imports ratio:; IV. Calibration and Numerical Solution; A. Self-insurance against natural disasters; B. Self-insurance against terms of trade shocks; C. Self-insurance against natural disasters and terms of trade shocks; V. Conclusion; References; Appendix 1. List of Countries in Each GroupThe views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper develops an analytical framework that helps to quantify the optimal level of international reserves for a small open economy with limited access to foreign capital and subject to natural disasters or terms of trade shocks. International reserves allow the country to relieve balance of payments pressures caused by external shocks anIMF Working PapersForeign exchangeEconometric modelsCapital movementsEconometric modelsForeign exchangeCaribbean AreaEconometric modelsCapital movementsCaribbean AreaEconometric modelsForeign exchangeSahelEconometric modelsCapital movementsSahelEconometric modelsElectronic books.Foreign exchangeEconometric models.Capital movementsEconometric models.Foreign exchangeEconometric models.Capital movementsEconometric models.Foreign exchangeEconometric models.Capital movementsEconometric models.332.450724Barnichon Régis960799Zalduendo Juan901875MiAaPQMiAaPQMiAaPQBOOK9910463603403321International reserves and self-insurance against external shocks2178042UNINA