Assessing reserve adequacy in low-income countries
著者
書誌事項
Assessing reserve adequacy in low-income countries
（Occasional paper / International Monetary Fund, 276）
International Monetary Fund, c2013
大学図書館所蔵 全17件
注記
Includes bibliographical references (p. 65-66) and index
内容説明・目次
内容説明
Low-income countries routinely experience exogenous disturbances-sharp swings in the terms of trade, export demand, natural disasters, and volatile financial flows-that contribute to higher volatility in aggregate output and consumption compared with other countries. Assessing Reserve Adequacy in Low-Income Countries presents the findings of an analysis of a range of external shocks faced by these countries, beginning with a discussion of the impact of external shocks on macroeconomic growth, volatility, and welfare. Although sound macroeconomic and prudential policy frameworks are the first line of defense for limiting vulnerability, international reserves constitute the main form of self-insurance against such shocks. The evidence suggests that low-income countries with reserve coverage above three months of imports were better able to smooth consumption and absorption in the face of external shocks compared with those with lower reserve holdings. The analysis also points to the importance of country characteristics and vulnerabilities in assessing reserve adequacy
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