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100   $a20090810d2008      uy             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aSudden stops and optimal self-insurance$b[electronic resource] /$fprepared by Jun Il Kim
210   $aWashington, D.C. $cInternational Monetary Fund, Research Dept.$d2008
215   $a1 online resource (36 p.)
225 1 $aIMF working paper ;$vWP/08/144
300   $a"June 2008."
311   $a1-4519-1455-5 
320   $aIncludes bibliographical references (p. 34).
327   $aContents; I. Introduction; II. The Model; III. Model Calibration; IV. Concluding Remarks; Text Tables; 1. Actual and Calibrated Optimal Reserves for Selected EM Countries: 1993-2006; 2. Implied Probability of a Sudden Stop for Selected EM Countries: 1994-2007; 3. IMF Arrangements for Selected EM Countries: 1993-2006; Text Figures; 1. Actual and Calibrated Optimal Reserves for Selected EM Countries: 1993-; A. Latin America; B. Asia, Russia and Turkey; 2. Implied Probability of a Sudden Stop for Selected EM Countries: 1994-; A. Latin America; B. Asia, Russia and Turkey
327   $a3. Actual ? and Default Threshold ?* for Selected EM Countries: 1993-A. Latin America; B. Asia, Russia and Turkey; 4. Sources of Reserve Accumulation for Selected EM Countries: 1993-; A. Latin America; B. Asia, Russia and Turkey; Appendix: Creditor Coordination Problem; References
330   $aThis paper presents a simple model of optimal reserves that can be easily calibrated to compute optimal reserves as well as the implied probability of a sudden stop for given reserves. The model builds upon the global games framework of Morris and Shin to establish a unique relationship between the probability of a sudden stop and the level of reserves. The calibration results for 15 selected emerging market countries in Latin America, Asia and other regions over the sample period of 1993-2006 suggest that the risk of sudden stops may have declined to a low level in recent years in all countri
410  0$aIMF working paper ;$vWP/08/144.
606   $aBank reserves$zDeveloping countries$xEconometric models
606   $aFinancial crises$zDeveloping countries$xEconometric models
608   $aElectronic books.
615  0$aBank reserves$xEconometric models.
615  0$aFinancial crises$xEconometric models.
700   $aKim$b Jun$g(Jun Il)$0869954
712 02$aInternational Monetary Fund.$bResearch Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910464002203321
996   $aSudden stops and optimal self-insurance$92292177
997   $aUNINA