LEADER 04070nam 2200709 450 001 9910464014603321 005 20170815101858.0 010 $a1-4623-5176-X 010 $a1-4527-3495-X 010 $a9786612841019 010 $a1-282-84101-7 010 $a1-4518-7008-6 035 $a(CKB)3170000000055028 035 $a(EBL)1607874 035 $a(SSID)ssj0000944042 035 $a(PQKBManifestationID)11503140 035 $a(PQKBTitleCode)TC0000944042 035 $a(PQKBWorkID)10978600 035 $a(PQKB)11273811 035 $a(OCoLC)762076576 035 $a(MiAaPQ)EBC1607874 035 $a(EXLCZ)993170000000055028 100 $a20140226h20082008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aForeign reserve adequacy in Sub-Saharan Africa /$fPaulo Drummond and Anubha Dhasmana ; authorized for distribution by Andrew Berg 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (38 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/150 300 $aDescription based upon print version of record. 311 $a1-4519-1461-X 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Foreign Reserves in sub-Saharan Africa; Figures; 1. Reserves in Months of Imports; Tables; 1. Comparisons of International Reserves Across Regions, 1995-07; III. Shocks Facing Sub-Saharan Africa; 3. Reserves to Short-Term Debt <2, 2007; 4. Frequency Distributions of Key Parameters; 5. Frequency Distributions of Key Parameters; 6. Response of Key Macro Economic Variables to a Large TOT Schock; 7. Response of Key Macroeconomic Variables to a Large Aid Shock; IV. Small Open Economy with Two Goods; V. Simulation Results 327 $a8. Optimal Reserve Behavior - Jeanne-Ranciere v.s. Two-Good9. Path of Consumption-Ranciere vs. Two-Good Model; 10. Optimal Reserve Behavior-Two Good Model with both TOT and Aid Shock [I]; 11. Optimal Reserve Behavior-Two Good Model with both TOT and Aid Shock [II]; 12. Actual Level of Reserves to GDP ratio for SSA countries; 13. Sensitivity of Optimal Reserves to Key Parameters; 14. Sensitivity of Optimal Reserves to Key Parameters; 15. Reserve Adequacy for African Countries Using Two-Good Model /1; VI. Conclusion; 16. Country Specific Application-Illustrative Examples. 327 $aA1. Benchmark ParametersA2. Simulation Parameters for Countries; References; References 330 $aThis paper looks at the question of adequacy of reserves in sub-Saharan African countries in light of the shocks faced by these countries. Literature on optimal reserves so far has not paid attention to the particular shocks facing low-income countries. We use a two-good endowment economy model facing terms of trade and aid shocks to derive the optimal level of reserves by comparing the cost of holding reserves with their benefits as an insurance against a shock. We find that the optimal level of reserves depends upon the size of these shocks, their probability, and the output cost associated 410 0$aIMF Working Papers 606 $aForeign exchange$zAfrica, Sub-Saharan$xEconometric models 606 $aBank reserves$zAfrica, Sub-Saharan$xEconometric models 606 $aForeign exchange$xEconometric models 606 $aBank reserves$xEconometric models 608 $aElectronic books. 615 0$aForeign exchange$xEconometric models. 615 0$aBank reserves$xEconometric models. 615 0$aForeign exchange$xEconometric models. 615 0$aBank reserves$xEconometric models. 676 $a332.410967 700 $aDrummond$b Paulo$0872383 701 $aDhasmana$b Anubha$0872384 701 $aBerg$b Andrew$0861129 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910464014603321 996 $aForeign reserve adequacy in Sub-Saharan Africa$91947657 997 $aUNINA