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The Optimal Level of International Reserves for Emerging Market Countries : : Formulas and Applications / / Romain Ranciere, Olivier Jeanne



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Autore: Ranciere Romain Visualizza persona
Titolo: The Optimal Level of International Reserves for Emerging Market Countries : : Formulas and Applications / / Romain Ranciere, Olivier Jeanne Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
Descrizione fisica: 1 online resource (35 p.)
Soggetto topico: Balance of payments
Foreign exchange administration
Exports and Imports
Finance: General
Foreign Exchange
Macroeconomics
Banks and Banking
Current Account Adjustment
Short-term Capital Movements
International Investment
Long-term Capital Movements
International Lending and Debt Problems
General Financial Markets: General (includes Measurement and Data)
Macroeconomics: Consumption
Saving
Wealth
Monetary Policy
International economics
Finance
Currency
Foreign exchange
Banking
Sudden stops
External debt
Emerging and frontier financial markets
Exchange rate arrangements
Consumption
Reserve positions
Central banks
Reserves accumulation
Financial markets
Capital movements
Debts, External
Financial services industry
Economics
Foreign exchange reserves
Soggetto geografico: Thailand
Altri autori: JeanneOlivier  
Note generali: "October 2006".
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. SUDDEN STOPS AND RESERVES: SOME FACTS""; ""III. THE MODEL""; ""IV. APPLICATIONS""; ""V. EXTENSIONS""; ""VI. CONCLUDING COMMENTS""; ""APPENDIX: COMPUTATIONS""; ""REFERENCES""
Sommario/riassunto: We present a model of the optimal level of international reserves for a small open economy that is vulnerable to sudden stops in capital flows. Reserves allow the country to smooth domestic absorption in response to sudden stops, but yield a lower return than the interest rate on the country's long-term debt. We derive a formula for the optimal level of reserves, and show that plausible calibrations can explain reserves of the order of magnitude observed in many emerging market countries. However, the recent buildup of reserves in Asia seems in excess of what would be implied by an insurance motive against sudden stops.
Titolo autorizzato: The Optimal Level of International Reserves for Emerging Market Countries  Visualizza cluster
ISBN: 1-4623-3365-6
1-4527-5316-4
1-283-36412-3
9786613823564
1-4519-0942-X
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788412603321
Lo trovi qui: Univ. Federico II
Opac: Controlla la disponibilità qui
Serie: IMF Working Papers; Working Paper ; ; No. 2006/229