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International Reserves and Self-Insurance Against External Shocks

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Author Info

  • Régis Barnichon

Abstract

The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper develops an analytical framework that helps to quantify the optimal level of international reserves for a small open economy with limited access to foreign capital and subject to natural disasters or terms of trade shocks. International reserves allow the country to relieve balance of payments pressures caused by external shocks and to avoid large fluctuations in imports. I calibrate the model to two regions, the Caribbean and the Sahel, and assess the sensitivity of the results.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/149.

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Length: 21
Date of creation: 01 Jun 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/149

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Related research

Keywords: Foreign exchange reserves; External shocks; Economic models; disasters; terms of trade; natural disasters; trade shocks; disaster; terms of trade shocks; export sector; natural disaster; trade shock; open economy; output growth; hurricane; balance of payments; reconstruction; value of exports; international trade; export earnings; equilibrium model; import sector; impact of disasters; price fluctuations; export growth;

This paper has been announced in the following NEP Reports:

References

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  1. Masao Ogaki & Qiang Zhang, 2000. "Decreasing Relative Risk Aversion and Tests of Risk Sharing," Econometric Society World Congress 2000 Contributed Papers 1588, Econometric Society.
  2. Reinhart, Carmen & Ogaki, Masao & Ostry, Jonathan, 1996. "Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison," MPRA Paper 6978, University Library of Munich, Germany.
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Citations

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Cited by:
  1. Heng, Dyna & Corbett, Jenny, 2011. "What Drives Some Countries to Hoard Foreign Reserves?," MPRA Paper 48552, University Library of Munich, Germany, revised Oct 2011.
  2. Heng, Dyna, 2011. "Does financial development reduce the motivation to hoard foreign reserves?," MPRA Paper 48555, University Library of Munich, Germany, revised 2012.
  3. Nicole Laframboise & Boileau Loko, 2012. "Natural Disasters," IMF Working Papers 12/245, International Monetary Fund.

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