LEADER 06413oam 22013094 450 001 9910818024903321 005 20240402045024.0 010 $a1-4639-5082-9 010 $a1-4639-6854-X 010 $a1-4639-3574-9 035 $a(CKB)2670000000185043 035 $a(EBL)1606509 035 $a(SSID)ssj0000941824 035 $a(PQKBManifestationID)11967090 035 $a(PQKBTitleCode)TC0000941824 035 $a(PQKBWorkID)10964045 035 $a(PQKB)10382337 035 $a(MiAaPQ)EBC1606509 035 $a(Au-PeEL)EBL1606509 035 $a(CaPaEBR)ebr10553703 035 $a(OCoLC)870244890 035 $a(IMF)WPIEE2012007 035 $a(IMF)WPIEA2012007 035 $a(EXLCZ)992670000000185043 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aInternational Reserves in Low Income Countries : $eHave they Served As Buffers? 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (38 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4639-3056-9 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; II. Event Study Analysis: 1980-2007; A. Methodology; Figures; 1. Definition of Shock Episodes; 2. Identifying the Cost Associated with a Shock; B. Anatomy of Shocks; Tables; 1. Frequency and Size of Shocks; C. Macroeconomic Impact and Cost of Shocks; 2. Frequency and Size of Shocks by Region; 3. Macroeconomic Impact of Shocks; 4. Costs by Type Shocks; D. The Role of International Reserves; 5. Annual Losses and Level of Reserves; E. Robustness Analysis; 6. Costs of External Shocks by Variable and Type of Shock; 3. Frequency and Size of Shocks (25th Percentile) 327 $a7. Costs of External Shocks by Variable and Type of Shock (25th percentile)4. Frequency and Size of Shocks(Whole Sample Distribution); 8. Costs of External Shocks by Variable and Type of Shock (Whole Sample Distribution); 9. Macroeconomic Performance by Level of Reserves and Structural Characteristics ("Closed" Events); III. Global Financial Crisis: 2008-2010; 10. Macroeconomic Impact of the Crisis; 11. Macroeconomic Impact of the Crisis by Level of Reserves; 12. Macroeconomic Performance by Level of Reserves and Structural Characteristics; IV. Conclusions; V. References; VI. Appendix 327 $aA.1: List of VariablesA.2: List of Countries and Structural Characteristics of the Economy; A.3: Shock Variables (1980-2007)-Summary Statistics; A.4: Macroeconomic Variables (1980-2007)-Summary Statistics; A.5: Macroeconomic Impact of Shocks; A.6: Macroeconomic Impact of Shocks (continued); A.1: GDP and Consumption Costs by Type of Shock; A.2: GDP and Consumption Costs by Type of Shock (continued); A.3: GDP Costs by Type of Shock and Level of Reserves; A.4: GDP Costs by Type of Shock and Level of Reserves (continued); A.5: Consumption Costs by Type of Shock and Level of Reserves 327 $aA.6: Consumption Costs by Type of Shock and Level of Reserves (continued)A.7: SDR Allocation; A.8: Macroeconomic Impact of the Crisis 330 3 $aThis paper provides a historical perspective on the role of international reserves in low-income countries as a cushion against large external shocks over the last three decades - including the current global crisis. The results suggest that international reserves have played a role in buffering external shocks, with the resulting macroeconomic costs varying with the nature of the shock, the economy's structural characteristics, and the level of reserves. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/007 606 $aForeign exchange reserves$zDeveloping countries 606 $aFinance, Public$zDeveloping countries 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomic Analyses of Economic Development$2imf 606 $aOpen Economy Macroeconomics$2imf 606 $aDevelopment Planning and Policy: Trade Policy$2imf 606 $aFactor Movement$2imf 606 $aForeign Exchange Policy$2imf 606 $aMonetary Policy$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aTrade: General$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aInternational economics$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aInternational reserves$2imf 606 $aTerms of trade$2imf 606 $aImports$2imf 606 $aConsumption$2imf 606 $aForeign direct investment$2imf 606 $aForeign exchange reserves$2imf 606 $aEconomic policy$2imf 606 $anternational cooperation$2imf 606 $aEconomics$2imf 606 $aInvestments, Foreign$2imf 615 0$aForeign exchange reserves 615 0$aFinance, Public 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aMacroeconomic Analyses of Economic Development 615 7$aOpen Economy Macroeconomics 615 7$aDevelopment Planning and Policy: Trade Policy 615 7$aFactor Movement 615 7$aForeign Exchange Policy 615 7$aMonetary Policy 615 7$aEmpirical Studies of Trade 615 7$aTrade: General 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aInternational economics 615 7$aBanking 615 7$aFinance 615 7$aInternational reserves 615 7$aTerms of trade 615 7$aImports 615 7$aConsumption 615 7$aForeign direct investment 615 7$aForeign exchange reserves 615 7$aEconomic policy 615 7$anternational cooperation 615 7$aEconomics 615 7$aInvestments, Foreign 676 $a332.1 801 0$bDcWaIMF 906 $aBOOK 912 $a9910818024903321 996 $aInternational Reserves in Low Income Countries$94060321 997 $aUNINA