LEADER 05029oam 22011414 450 001 9910788236403321 005 20230721045630.0 010 $a1-4623-3561-6 010 $a1-4527-3697-9 010 $a1-282-84100-9 010 $a1-4518-7007-8 010 $a9786612841002 035 $a(CKB)3170000000055045 035 $a(EBL)1607899 035 $a(SSID)ssj0000944152 035 $a(PQKBManifestationID)11597308 035 $a(PQKBTitleCode)TC0000944152 035 $a(PQKBWorkID)10982483 035 $a(PQKB)10101856 035 $a(OCoLC)762675555 035 $a(MiAaPQ)EBC1607899 035 $a(IMF)WPIEE2008149 035 $a(EXLCZ)993170000000055045 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aInternational Reserves and Self-Insurance against External Shocks /$fRégis Barnichon 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (23 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/149 300 $aDescription based upon print version of record. 311 $a1-4519-1460-1 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Natural Disasters in the Caribbean and the Sahel; A. Hurricanes in the Caribbean; B. Droughts in the Sahel; III. A model of optimal international reserves; A. The model; B. An approximated closed-form solution for the reserves-to-imports ratio:; IV. Calibration and Numerical Solution; A. Self-insurance against natural disasters; B. Self-insurance against terms of trade shocks; C. Self-insurance against natural disasters and terms of trade shocks; V. Conclusion; References; Appendix 1. List of Countries in Each Group 330 3 $aThe views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper develops an analytical framework that helps to quantify the optimal level of international reserves for a small open economy with limited access to foreign capital and subject to natural disasters or terms of trade shocks. International reserves allow the country to relieve balance of payments pressures caused by external shocks and to avoid large fluctuations in imports. I calibrate the model to two regions, the Caribbean and the Sahel, and assess the sensitivity of the results. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/149 606 $aForeign exchange$xEconometric models 606 $aCapital movements$xEconometric models 606 $aForeign exchange$zCaribbean Area$xEconometric models 606 $aCapital movements$zCaribbean Area$xEconometric models 606 $aForeign exchange$zSahel$xEconometric models 606 $aCapital movements$zSahel$xEconometric models 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aNatural Disasters$2imf 606 $aTrade: General$2imf 606 $aClimate$2imf 606 $aNatural Disasters and Their Management$2imf 606 $aGlobal Warming$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aMonetary Policy$2imf 606 $aInternational economics$2imf 606 $aNatural disasters$2imf 606 $aBanking$2imf 606 $aExports$2imf 606 $aImports$2imf 606 $aTerms of trade$2imf 606 $aInternational reserves$2imf 606 $aEconomic policy$2imf 606 $anternational cooperation$2imf 606 $aForeign exchange reserves$2imf 607 $aGrenada$2imf 615 0$aForeign exchange$xEconometric models. 615 0$aCapital movements$xEconometric models. 615 0$aForeign exchange$xEconometric models. 615 0$aCapital movements$xEconometric models. 615 0$aForeign exchange$xEconometric models. 615 0$aCapital movements$xEconometric models. 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aNatural Disasters 615 7$aTrade: General 615 7$aClimate 615 7$aNatural Disasters and Their Management 615 7$aGlobal Warming 615 7$aEmpirical Studies of Trade 615 7$aMonetary Policy 615 7$aInternational economics 615 7$aNatural disasters 615 7$aBanking 615 7$aExports 615 7$aImports 615 7$aTerms of trade 615 7$aInternational reserves 615 7$aEconomic policy 615 7$anternational cooperation 615 7$aForeign exchange reserves 676 $a332.450724 700 $aBarnichon$b Régis$01485199 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788236403321 996 $aInternational Reserves and Self-Insurance against External Shocks$93704193 997 $aUNINA