LEADER 04056nam 2200661 450 001 9910463629003321 005 20181010214812.0 010 $a1-4623-3662-0 010 $a1-4527-7632-6 010 $a1-4518-7050-7 010 $a9786612841439 010 $a1-282-84143-2 035 $a(CKB)3170000000055084 035 $a(EBL)1607968 035 $a(SSID)ssj0000943972 035 $a(PQKBManifestationID)11559066 035 $a(PQKBTitleCode)TC0000943972 035 $a(PQKBWorkID)10978555 035 $a(PQKB)10170345 035 $a(OCoLC)467921269 035 $a(MiAaPQ)EBC1607968 035 $a(EXLCZ)993170000000055084 100 $a20140226h20082008 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aAre emerging Asia's reserves really too high? /$fMarta Ruiz-Arranz and Milan Zavadjil 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (36 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/192 300 $aDescription based upon print version of record. 311 $a1-4519-1503-9 327 $aContents; I. Introduction; II. Developments in Reserve Adequacy Indicators; Tables; 1. Volatilities of Capital Flows in Asia-Pacific Economies; Box 1: Why Scale Reserves by Gross External Liabilities?; III. An Insurance Model of Optimal Reserves; 2. Output Loss in Asian Crisis; 3. Interest Rate Spreads; 4. Estimated Sterilization Financing Costs; 5. Foreign Reserves Levels: Optimal Vs. Actual; IV. A Threshold Model of Spreads-Reserves Elasticity; 6. Thresholds in the Spreads-Reserves Relations; V. Conclusions 327 $a7. Threshold Estimates of the Elasticity of EMBI Spreads with Respect to International Reserves Traditional Indicators 8. Threshold Estimates of the Elasticity of EMBI Spreads with Respect to International Reserves New Indicators; Figures; 1. Reserves in U.S. dollar, 1990-2007; 2. Reserves in percent of GDP, 1990-2007; 3. Reserves in months of exports of goods and services, 1990-2007; 4. Reserves in percent of short-term debt, 1990-2007; 5. Reserves in percent of gross external liabilities, 1990-2007; 6. Asia Emerging Markets: External Liabilities, 1990-2006 327 $a7. Reserves in percent of broad money, 1990-2007 8. Reserves to Financial System Deposits, Equities, and Bonds, 1990-2005; 9. The Optimal Level of International Reserves, 2007; 10. Optimal vs. Actual Levels of International Reserves in Asia; 11. The Optimal Level of International Reserves and Traditional Reserve Adequacy Indicators; 12. International Reserves and Threshold Estimates; Appendix; A.1. Variable Definitions and Sources; A.2. Summary Statistics; References 330 $aEmpirical analysis does not suggest that reserves are ""too high"" in the majority of Asian countries, though China may be a special case. Much of the reserve increase in Asia can be explained by an optimal insurance model under which reserves provide a steady source of liquidity to cushion the impact of a sudden stop in capital inflows on output and consumption. Moreover, the benefits of reserves in terms of reduced spreads on privately held external debt further explains the observed growth in reserves since 1997-98. Using threshold estimation techniques, the paper shows that most of Asia 410 0$aIMF Working Papers 606 $aForeign exchange administration$zAsia 606 $aForeign exchange$zAsia 606 $aCapital movements$zAsia 608 $aElectronic books. 615 0$aForeign exchange administration 615 0$aForeign exchange 615 0$aCapital movements 676 $a332.456095 700 $aRuiz-Arranz$b Marta$0958923 701 $aZavadjil$b Milan$0858643 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463629003321 996 $aAre emerging Asia's reserves really too high$92250236 997 $aUNINA