"International Reserves in Low Income Countries : Have They Served as Buffers?".
International Monetary. Fund
Bok Engelsk 2012 · Electronic books.
| Omfang | 1 online resource (38 pages)
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| Utgave | 1st ed.
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| Opplysninger | Cover -- Contents -- I. Introduction -- II. Event Study Analysis: 1980-2007 -- A. Methodology -- B. Anatomy of Shocks -- C. Macroeconomic Impact and Cost of Shocks -- D. The Role of International Reserves -- E. Robustness Analysis -- III. Global Financial Crisis: 2008-2010 -- IV. Conclusions -- V. References -- VI. Appendix -- Figures -- 1. Definition of Shock Episodes -- 2. Identifying the Cost Associated with a Shock -- 3. Macroeconomic Impact of Shocks -- 4. Costs by Type Shocks -- 5. Annual Losses and Level of Reserves -- 6. Costs of External Shocks by Variable and Type of Shock -- 7. Costs of External Shocks by Variable and Type of Shock (25th percentile) -- 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) -- 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 -- 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 -- A.6: Consumption Costs by Type of Shock and Level of Reserves (continued) -- Tables -- 1. Frequency and Size of Shocks -- 2. Frequency and Size of Shocks by Region -- 3. Frequency and Size of Shocks (25th Percentile) -- 4. Frequency and Size of Shocks(Whole Sample Distribution) -- A.1: List of Variables -- A.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.7: SDR Allocation -- A.8: Macroeconomic Impact of the Crisis.. - This 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.
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| ISBN | 9781463968540
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