LEADER 05431oam 22011774 450 001 9910788237903321 005 20230721045639.0 010 $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(IMF)WPIEE2008150 035 $a(EXLCZ)993170000000055028 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aForeign Reserve Adequacy in Sub-Saharan Africa 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 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 3 $aThis paper looks at the question of adequacy of reserves in sub-Saharan African countries in light of the shocks faced by these countries. Literature on optimal reserves so far has not paid attention to the particular shocks facing low-income countries. We use a two-good endowment economy model facing terms of trade and aid shocks to derive the optimal level of reserves by comparing the cost of holding reserves with their benefits as an insurance against a shock. We find that the optimal level of reserves depends upon the size of these shocks, their probability, and the output cost associated with them,. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/150 606 $aForeign exchange$zAfrica, Sub-Saharan$xEconometric models 606 $aBank reserves$zAfrica, Sub-Saharan$xEconometric models 606 $aForeign exchange$xEconometric models 606 $aBank reserves$xEconometric models 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aMonetary Policy$2imf 606 $aForeign Aid$2imf 606 $aInternational economics$2imf 606 $aBanking$2imf 606 $aTerms of trade$2imf 606 $aConsumption$2imf 606 $aInternational reserves$2imf 606 $aAid flows$2imf 606 $aTrade balance$2imf 606 $aEconomic policy$2imf 606 $anternational cooperation$2imf 606 $aEconomics$2imf 606 $aForeign exchange reserves$2imf 606 $aEconomic assistance$2imf 606 $aBalance of trade$2imf 607 $aCongo, Democratic Republic of the$2imf 615 0$aForeign exchange$xEconometric models. 615 0$aBank reserves$xEconometric models. 615 0$aForeign exchange$xEconometric models. 615 0$aBank reserves$xEconometric models. 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aEmpirical Studies of Trade 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aMonetary Policy 615 7$aForeign Aid 615 7$aInternational economics 615 7$aBanking 615 7$aTerms of trade 615 7$aConsumption 615 7$aInternational reserves 615 7$aAid flows 615 7$aTrade balance 615 7$aEconomic policy 615 7$anternational cooperation 615 7$aEconomics 615 7$aForeign exchange reserves 615 7$aEconomic assistance 615 7$aBalance of trade 676 $a332.410967 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788237903321 996 $aForeign Reserve Adequacy in Sub-Saharan Africa$93704208 997 $aUNINA