05383oam 22014174 450 991078841260332120230721050900.01-4623-3365-61-4527-5316-41-283-36412-397866138235641-4519-0942-X(CKB)3360000000443352(EBL)3014405(SSID)ssj0001479868(PQKBManifestationID)11893771(PQKBTitleCode)TC0001479868(PQKBWorkID)11492097(PQKB)11627575(OCoLC)698585687(MiAaPQ)EBC3014405(IMF)WPIEE2006229(EXLCZ)99336000000044335220020129d2006 uf 0engur|n|---|||||txtccrThe Optimal Level of International Reserves for Emerging Market Countries : Formulas and Applications /Romain Ranciere, Olivier JeanneWashington, D.C. :International Monetary Fund,2006.1 online resource (35 p.)IMF Working Papers"October 2006".1-4518-6489-2 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. SUDDEN STOPS AND RESERVES: SOME FACTS""; ""III. THE MODEL""; ""IV. APPLICATIONS""; ""V. EXTENSIONS""; ""VI. CONCLUDING COMMENTS""; ""APPENDIX: COMPUTATIONS""; ""REFERENCES""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.IMF Working Papers; Working Paper ;No. 2006/229Balance of paymentsForeign exchange administrationExports and ImportsimfFinance: GeneralimfForeign ExchangeimfMacroeconomicsimfBanks and BankingimfCurrent Account AdjustmentimfShort-term Capital MovementsimfInternational InvestmentimfLong-term Capital MovementsimfInternational Lending and Debt ProblemsimfGeneral Financial Markets: General (includes Measurement and Data)imfMacroeconomics: ConsumptionimfSavingimfWealthimfMonetary PolicyimfInternational economicsimfFinanceimfCurrencyimfForeign exchangeimfBankingimfSudden stopsimfExternal debtimfEmerging and frontier financial marketsimfExchange rate arrangementsimfConsumptionimfBalance of paymentsimfReserve positionsimfCentral banksimfReserves accumulationimfFinancial marketsimfCapital movementsimfDebts, ExternalimfFinancial services industryimfEconomicsimfForeign exchange reservesimfThailandimfBalance of payments.Foreign exchange administration.Exports and ImportsFinance: GeneralForeign ExchangeMacroeconomicsBanks and BankingCurrent Account AdjustmentShort-term Capital MovementsInternational InvestmentLong-term Capital MovementsInternational Lending and Debt ProblemsGeneral Financial Markets: General (includes Measurement and Data)Macroeconomics: ConsumptionSavingWealthMonetary PolicyInternational economicsFinanceCurrencyForeign exchangeBankingSudden stopsExternal debtEmerging and frontier financial marketsExchange rate arrangementsConsumptionBalance of paymentsReserve positionsCentral banksReserves accumulationFinancial marketsCapital movementsDebts, ExternalFinancial services industryEconomicsForeign exchange reservesRanciere Romain1168798Jeanne Olivier125747DcWaIMFBOOK9910788412603321The Optimal Level of International Reserves for Emerging Market Countries3802262UNINA