03320nam 2200601 a 450 991046400220332120170817212540.01-4623-8001-81-4527-8137-01-4518-7002-71-282-84095-99786612840951(CKB)3170000000055038(EBL)1607890(SSID)ssj0000943268(PQKBManifestationID)11523888(PQKBTitleCode)TC0000943268(PQKBWorkID)10977403(PQKB)11311479(OCoLC)568151216(MiAaPQ)EBC1607890(EXLCZ)99317000000005503820090810d2008 uy 0engur|n|---|||||txtccrSudden stops and optimal self-insurance[electronic resource] /prepared by Jun Il KimWashington, D.C. International Monetary Fund, Research Dept.20081 online resource (36 p.)IMF working paper ;WP/08/144"June 2008."1-4519-1455-5 Includes bibliographical references (p. 34).Contents; I. Introduction; II. The Model; III. Model Calibration; IV. Concluding Remarks; Text Tables; 1. Actual and Calibrated Optimal Reserves for Selected EM Countries: 1993-2006; 2. Implied Probability of a Sudden Stop for Selected EM Countries: 1994-2007; 3. IMF Arrangements for Selected EM Countries: 1993-2006; Text Figures; 1. Actual and Calibrated Optimal Reserves for Selected EM Countries: 1993-; A. Latin America; B. Asia, Russia and Turkey; 2. Implied Probability of a Sudden Stop for Selected EM Countries: 1994-; A. Latin America; B. Asia, Russia and Turkey3. Actual θ and Default Threshold θ* for Selected EM Countries: 1993-A. Latin America; B. Asia, Russia and Turkey; 4. Sources of Reserve Accumulation for Selected EM Countries: 1993-; A. Latin America; B. Asia, Russia and Turkey; Appendix: Creditor Coordination Problem; ReferencesThis paper presents a simple model of optimal reserves that can be easily calibrated to compute optimal reserves as well as the implied probability of a sudden stop for given reserves. The model builds upon the global games framework of Morris and Shin to establish a unique relationship between the probability of a sudden stop and the level of reserves. The calibration results for 15 selected emerging market countries in Latin America, Asia and other regions over the sample period of 1993-2006 suggest that the risk of sudden stops may have declined to a low level in recent years in all countriIMF working paper ;WP/08/144.Bank reservesDeveloping countriesEconometric modelsFinancial crisesDeveloping countriesEconometric modelsElectronic books.Bank reservesEconometric models.Financial crisesEconometric models.Kim Jun(Jun Il)869954International Monetary Fund.Research Dept.MiAaPQMiAaPQMiAaPQBOOK9910464002203321Sudden stops and optimal self-insurance2292177UNINA