06638oam 22013934 450 991095855770332120250426110745.0978146395082814639508299781463968540146396854X97814639357401463935749(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)WPIEA2012007WPIEA2012007(EXLCZ)99267000000018504320020129d2012 uf 0engur|n|---|||||txtccrInternational Reserves in Low Income Countries : Have they Served As Buffers?1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (38 p.)IMF Working PapersDescription based upon print version of record.9781463930561 1463930569 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, ForeignimfNternational cooperationimfForeign 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, ForeignNternational cooperation332.1DcWaIMFBOOK9910958557703321International Reserves in Low Income Countries4372435UNINA