06631oam 22012614 450 991082696440332120200520144314.01-4755-5367-61-4755-8188-2(CKB)2670000000278908(EBL)1606944(SSID)ssj0000938573(PQKBManifestationID)11501950(PQKBTitleCode)TC0000938573(PQKBWorkID)10920881(PQKB)10384641(MiAaPQ)EBC1606944(Au-PeEL)EBL1606944(CaPaEBR)ebr10627129(OCoLC)806141203(IMF)WPIEE2012205(IMF)WPIEA2012205(EXLCZ)99267000000027890820020129d2012 uf 0engur|n|---|||||txtccrHow much should I hold? Reserve Adequacy in Emerging Markets and Small Islands /Nkunde Mwase1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (45 p.)IMF Working PapersIMF working paper ;WP/12/205Description based upon print version of record.1-4755-2940-6 1-4755-0555-8 Includes bibliographical references.Cover; Abstract; Contents; I. Introduction; II. What Determines Reserve Holdings?; A. Data and Modeling Strategy; B. Empirical Results from Standard Panel OLS and Fixed Effects; C. Empirical Results from Quantile Regressions; III. A New Metric For Small Islands; A. Developing A Metric; B. Empirical Analysis to Determine Thresholds For the Metric; C. Estimation Results; IV. Conclusion; References; APPENDIX TABLES; 1. Country List; 2. Description of Variables; 3. SIs and EMs: Reserve Demand Regressions; 4. Full Sample: OLS and Quantile Regression Results5. SIs: OLS and Quantile Regression Results6. EM: OLS and Quantile Regression Results; 7. Full Sample: Inter-quantile Regression Results; 8. SIs: Inter-quantile Regression Results; 9. EM: Inter-quantile Regression Results; 10. SIs: Episodes of Exchange Market Pressure; 11. Comparison on Various Reserve Adequacy Metrics: Logit Regression; FIGURES; 1. EMs and SIs: Traditional Metrics, 2000-2010; 2. Sample Mean Average Actual and Predicted Reserves, 2007-2010; 3. Full Sample: Comparison of OLS and Quantile Regression Coefficient Estimate4. SIs: Comparison of OLS and Quantile Regression Coefficient Estimates5. EM: Comparison of OLS and Quantile Regression Coefficient Estimates; 6. EM and SIs: Concessional and Multilateral Debt, 1999-2009; 7. SIs: Exchange Market Pressure Crisis Episodes; 8. SIs: Exchange Market Pressure Crisis Episodes Triggers; 9. The Dominican Republic and Grenada: Balance of Payments Flows In Crisis Events; 10. Distribution of Export, Broad Money, and Short-Term Debt; 11. New Metric vs. Maximum of Traditional Metrics; 12. EMP Event Probability; 13. Reserves Against Risk-Weighted MetricThis paper investigates the drivers of reserves in emerging markets (EMs) and small island (SIs) and develops an operational metric for estimating reserves in SIs taking into account their unique characteristics. It uses quantile regression techniques to allow the estimated factors driving reserves holdings to vary along the reserves’ holding distribution and tests for equality among the slope coefficients of the various quantile regressions and the overall models. F-tests comparing the inter-quantile differences could not reject the that the models for the different quantiles of SIs reserve distribution were similar but this was rejected for EMs distribution suggesting that models explaining drivers of reserve holdings should take into account the country’s reserve holdings. Empirical analysis suggests that the metric performs better than existing metrics in reducing crisis probabilities in SIs.IMF Working Papers; Working Paper ;No. 2012/205Reserves (Accounting)InvestmentsDeveloping countriesBalance of paymentsimfCurrencyimfCurrent Account AdjustmentimfCurrent accountimfEconomic & financial crises & disastersimfExchange rate arrangementsimfExchange rate flexibilityimfExports and ImportsimfExportsimfFinancial CrisesimfFinancial crisesimfFinancial Risk ManagementimfForeign ExchangeimfForeign exchangeimfInternational economicsimfInternational Finance Forecasting and SimulationimfInternational tradeimfMonetary baseimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfMoney supplyimfMoneyimfOpen Economy MacroeconomicsimfShort-term Capital MovementsimfTrade: GeneralimfDominican RepublicimfReserves (Accounting)InvestmentsBalance of paymentsCurrencyCurrent Account AdjustmentCurrent accountEconomic & financial crises & disastersExchange rate arrangementsExchange rate flexibilityExports and ImportsExportsFinancial CrisesFinancial crisesFinancial Risk ManagementForeign ExchangeForeign exchangeInternational economicsInternational Finance Forecasting and SimulationInternational tradeMonetary baseMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyMoney supplyMoneyOpen Economy MacroeconomicsShort-term Capital MovementsTrade: General332.1/52Mwase Nkunde1649678DcWaIMFBOOK9910826964403321How much should I hold4194771UNINA