LEADER 06642oam 22012374 450 001 9910786484603321 005 20230801225332.0 010 $a1-4755-5367-6 010 $a1-4755-8188-2 035 $a(CKB)2670000000278908 035 $a(EBL)1606944 035 $a(SSID)ssj0000938573 035 $a(PQKBManifestationID)11501950 035 $a(PQKBTitleCode)TC0000938573 035 $a(PQKBWorkID)10920881 035 $a(PQKB)10384641 035 $a(MiAaPQ)EBC1606944 035 $a(Au-PeEL)EBL1606944 035 $a(CaPaEBR)ebr10627129 035 $a(OCoLC)806141203 035 $a(IMF)WPIEE2012205 035 $a(IMF)WPIEA2012205 035 $a(EXLCZ)992670000000278908 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aHow much should I hold? Reserve Adequacy in Emerging Markets and Small Islands /$fNkunde Mwase 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (45 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/205 300 $aDescription based upon print version of record. 311 $a1-4755-2940-6 311 $a1-4755-0555-8 320 $aIncludes bibliographical references. 327 $aCover; 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 Results 327 $a5. 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 Estimate 327 $a4. 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 Metric 330 3 $aThis paper investigates the drivers of reserves in emerging markets (EMs) and small island (SIs) and develops an operational metric for estimating reserves in SIs taking into account their unique characteristics. It uses quantile regression techniques to allow the estimated factors driving reserves holdings to vary along the reserves? holding distribution and tests for equality among the slope coefficients of the various quantile regressions and the overall models. F-tests comparing the inter-quantile differences could not reject the that the models for the different quantiles of SIs reserve distribution were similar but this was rejected for EMs distribution suggesting that models explaining drivers of reserve holdings should take into account the country?s reserve holdings. Empirical analysis suggests that the metric performs better than existing metrics in reducing crisis probabilities in SIs. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/205 606 $aReserves (Accounting) 606 $aInvestments$zDeveloping countries 606 $aExports and Imports$2imf 606 $aFinancial Risk Management$2imf 606 $aForeign Exchange$2imf 606 $aMoney and Monetary Policy$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aInternational Finance Forecasting and Simulation$2imf 606 $aOpen Economy Macroeconomics$2imf 606 $aFinancial Crises$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aTrade: General$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aMonetary economics$2imf 606 $aInternational economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aFinancial crises$2imf 606 $aMonetary base$2imf 606 $aExchange rate arrangements$2imf 606 $aExports$2imf 606 $aCurrent account$2imf 606 $aMoney$2imf 606 $aInternational trade$2imf 606 $aExchange rate flexibility$2imf 606 $aMoney supply$2imf 606 $aBalance of payments$2imf 607 $aDominican Republic$2imf 615 0$aReserves (Accounting) 615 0$aInvestments 615 7$aExports and Imports 615 7$aFinancial Risk Management 615 7$aForeign Exchange 615 7$aMoney and Monetary Policy 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aInternational Finance Forecasting and Simulation 615 7$aOpen Economy Macroeconomics 615 7$aFinancial Crises 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aTrade: General 615 7$aEconomic & financial crises & disasters 615 7$aMonetary economics 615 7$aInternational economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aFinancial crises 615 7$aMonetary base 615 7$aExchange rate arrangements 615 7$aExports 615 7$aCurrent account 615 7$aMoney 615 7$aInternational trade 615 7$aExchange rate flexibility 615 7$aMoney supply 615 7$aBalance of payments 700 $aMwase$b Nkunde$01546559 801 0$bDcWaIMF 906 $aBOOK 912 $a9910786484603321 996 $aHow much should I hold? Reserve Adequacy in Emerging Markets and Small Islands$93858233 997 $aUNINA