LEADER 04835oam 22010814 450 001 9910788336803321 005 20230721045640.0 010 $a1-4623-2046-5 010 $a1-4527-8236-9 010 $a1-282-84298-6 010 $a1-4518-7224-0 010 $a9786612842986 035 $a(CKB)3170000000055246 035 $a(EBL)1608253 035 $a(SSID)ssj0000942998 035 $a(PQKBManifestationID)11566062 035 $a(PQKBTitleCode)TC0000942998 035 $a(PQKBWorkID)10974703 035 $a(PQKB)10730025 035 $a(OCoLC)608261861 035 $a(MiAaPQ)EBC1608253 035 $a(IMF)WPIEE2009077 035 $a(EXLCZ)993170000000055246 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aOptimal Reserves in the Eastern Caribbean Currency Union /$fWendell Samuel, Emilio Pineda, Mario Dehesa 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (22 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1659-0 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Traditional Measures of Reserve Adequacy; Tables; 1. Comparison of International Reserves Across Regions; III. Optimal International Reserves; Figures; 1. Optimal Level of Reserves: Given Different Shocks to the Current Account; 2. Optimal Level of Reserves: Different Shocks to the Capital Account; 3. Optimal Level of Reserves: Different Intensities of Bank Run; IV. Sensitivity Analysis (Simulation Exercises); 4. Optimal Level of Reserves: Sensitivity to Output Loss; V. Implications of Central Bank Reserve Rule 327 $a5. Optimal Level of Reserves: Sensitivity to Cost of Holding Reserves 6. Broad Money and Demand Liabilities 1984-2008; 2. Regression Results for Money Demand, 1984-2008; VI. Conclusion and Policy Implications; 7. Optimal Level of Reserves: Different Intensities of Bank Run; References 330 3 $aRecent turbulence in global and Caribbean regional financial markets underscore the importance of reassessing the adequacy of international reserves held by the Eastern Caribbean Central Bank (ECCB). Using the Jeanne (2007) optimization framework, this paper finds that international reserves held by the ECCB are generally adequate for a variety of external current account and capital account shocks. However, the ECCB would be challenged in the event of moderate to severe deposit outflows. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/077 606 $aReserves (Accounting)$zCaribbean Area 606 $aMonetary unions$zCaribbean Area 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMonetary Policy$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aBanking$2imf 606 $aInternational economics$2imf 606 $aMonetary economics$2imf 606 $aInternational reserves$2imf 606 $aMonetary base$2imf 606 $aCurrent account$2imf 606 $aExternal debt$2imf 606 $aCapital account$2imf 606 $aForeign exchange reserves$2imf 606 $aBalance of payments$2imf 606 $aMoney supply$2imf 606 $aDebts, External$2imf 607 $aUnited States$2imf 615 0$aReserves (Accounting) 615 0$aMonetary unions 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aMoney and Monetary Policy 615 7$aMonetary Policy 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aInternational Lending and Debt Problems 615 7$aBanking 615 7$aInternational economics 615 7$aMonetary economics 615 7$aInternational reserves 615 7$aMonetary base 615 7$aCurrent account 615 7$aExternal debt 615 7$aCapital account 615 7$aForeign exchange reserves 615 7$aBalance of payments 615 7$aMoney supply 615 7$aDebts, External 700 $aSamuel$b Wendell$01472704 701 $aPineda$b Emilio$01472703 701 $aDehesa$b Mario$01472705 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788336803321 996 $aOptimal Reserves in the Eastern Caribbean Currency Union$93685573 997 $aUNINA