06371oam 22012854 450 991078990610332120230801223044.01-4639-5082-91-4639-6854-X1-4639-3574-9(CKB)2670000000185043(EBL)1606509(SSID)ssj0000941824(PQKBManifestationID)11967090(PQKBTitleCode)TC0000941824(PQKBWorkID)10964045(PQKB)10382337(MiAaPQ)EBC1606509(Au-PeEL)EBL1606509(CaPaEBR)ebr10553703(OCoLC)870244890(IMF)WPIEE2012007(IMF)WPIEA2012007(EXLCZ)99267000000018504320020129d2012 uf 0engur|n|---|||||txtccrInternational Reserves in Low Income Countries : Have they Served As Buffers?Washington, D.C. :International Monetary Fund,2012.1 online resource (38 p.)IMF Working PapersDescription based upon print version of record.1-4639-3056-9 Includes bibliographical references.Cover; Contents; I. Introduction; II. Event Study Analysis: 1980-2007; A. Methodology; Figures; 1. Definition of Shock Episodes; 2. Identifying the Cost Associated with a Shock; B. Anatomy of Shocks; Tables; 1. Frequency and Size of Shocks; C. Macroeconomic Impact and Cost of Shocks; 2. Frequency and Size of Shocks by Region; 3. Macroeconomic Impact of Shocks; 4. Costs by Type Shocks; D. The Role of International Reserves; 5. Annual Losses and Level of Reserves; E. Robustness Analysis; 6. Costs of External Shocks by Variable and Type of Shock; 3. Frequency and Size of Shocks (25th Percentile)7. Costs of External Shocks by Variable and Type of Shock (25th percentile)4. Frequency and Size of Shocks(Whole Sample Distribution); 8. Costs of External Shocks by Variable and Type of Shock (Whole Sample Distribution); 9. Macroeconomic Performance by Level of Reserves and Structural Characteristics ("Closed" Events); III. Global Financial Crisis: 2008-2010; 10. Macroeconomic Impact of the Crisis; 11. Macroeconomic Impact of the Crisis by Level of Reserves; 12. Macroeconomic Performance by Level of Reserves and Structural Characteristics; IV. Conclusions; V. References; VI. AppendixA.1: List of VariablesA.2: List of Countries and Structural Characteristics of the Economy; A.3: Shock Variables (1980-2007)-Summary Statistics; A.4: Macroeconomic Variables (1980-2007)-Summary Statistics; A.5: Macroeconomic Impact of Shocks; A.6: Macroeconomic Impact of Shocks (continued); A.1: GDP and Consumption Costs by Type of Shock; A.2: GDP and Consumption Costs by Type of Shock (continued); A.3: GDP Costs by Type of Shock and Level of Reserves; A.4: GDP Costs by Type of Shock and Level of Reserves (continued); A.5: Consumption Costs by Type of Shock and Level of ReservesA.6: Consumption Costs by Type of Shock and Level of Reserves (continued)A.7: SDR Allocation; A.8: Macroeconomic Impact of the CrisisThis paper provides a historical perspective on the role of international reserves in low-income countries as a cushion against large external shocks over the last three decades - including the current global crisis. The results suggest that international reserves have played a role in buffering external shocks, with the resulting macroeconomic costs varying with the nature of the shock, the economy's structural characteristics, and the level of reserves.IMF Working Papers; Working Paper ;No. 2012/007Foreign exchange reservesDeveloping countriesFinance, PublicDeveloping countriesBanks and BankingimfExports and ImportsimfMacroeconomicsimfMacroeconomic Analyses of Economic DevelopmentimfOpen Economy MacroeconomicsimfDevelopment Planning and Policy: Trade PolicyimfFactor MovementimfForeign Exchange PolicyimfMonetary PolicyimfEmpirical Studies of TradeimfTrade: GeneralimfMacroeconomics: ConsumptionimfSavingimfWealthimfInternational InvestmentimfLong-term Capital MovementsimfInternational economicsimfBankingimfFinanceimfInternational reservesimfTerms of tradeimfImportsimfConsumptionimfForeign direct investmentimfForeign exchange reservesimfEconomic policyimfnternational cooperationimfEconomicsimfInvestments, ForeignimfForeign exchange reservesFinance, PublicBanks and BankingExports and ImportsMacroeconomicsMacroeconomic Analyses of Economic DevelopmentOpen Economy MacroeconomicsDevelopment Planning and Policy: Trade PolicyFactor MovementForeign Exchange PolicyMonetary PolicyEmpirical Studies of TradeTrade: GeneralMacroeconomics: ConsumptionSavingWealthInternational InvestmentLong-term Capital MovementsInternational economicsBankingFinanceInternational reservesTerms of tradeImportsConsumptionForeign direct investmentForeign exchange reservesEconomic policynternational cooperationEconomicsInvestments, ForeignDcWaIMFBOOK9910789906103321International Reserves in Low Income Countries3722314UNINA