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International Reserve Trends in the South Caucasus and Central Asia Region

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  • Holger Floerkemeier
  • Mariusz A. Sumlinski
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    Abstract

    In recent years, the South Caucasus and Central Asia countries (CCA-6) have received significant foreign exchange inflows. While a healthy reserve buffer is desirable to selfinsure against external crises, holding international reserves also involves costs. We analyze the adequacy of CCA-6 reserves using widely recognized rules of thumb, and simulate optimal reserve levels applying the Jeanne (2007) model. Both the adequacy measures and the model-based simulations indicate that, with the exception of Tajikistan, CCA-6 reserves had increased to broadly comfortable levels by 2006. More recently, reserve adequacy has been tested in Kazakhstan, which has been affected by the 2007 global liquidity crunch.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/41.

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    Length: 27
    Date of creation: 01 Feb 2008
    Date of revision:
    Handle: RePEc:imf:imfwpa:08/41

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    Related research

    Keywords: Capital flows; Capital inflows; Gross domestic product; reserve holdings; capital markets; international capital markets; risk aversion; international capital; reserve accumulation; access to international capital markets; access to international capital; short-term debt; current account; crisis prevention; capital outflows; balance of payments; currency crises; external debt; commodity prices; external shocks; domestic currency; domestic absorption; external financing; central bank; foreign debt; external borrowing; hoarding; currency crisis; capital mobility; private capital inflows; external liability; floating exchange rate regime; reserve bank; reserve assets; debt burdens; external payments imbalances; domestic savings; export revenues; external obligations; debt management; private capital; reserve management; external short-term debt; public debt; external shock; bilateral donors; private sector debt; global liquidity; currency mismatches; loss of confidence; external payments; bond issuance;

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    Cited by:
    1. Wendell A. Samuel & Emilio Pineda & Mario Dehesa, 2009. "Optimal Reserves in the Eastern Caribbean Currency Union," IMF Working Papers 09/77, International Monetary Fund.
    2. Cerezo Aguirre, Sergio Cerezo Aguirre, 2010. "Consideraciones sobre el nivel óptimo de reservas internacionales para Bolivia: 2003-2009," Revista Latinoamericana de Desarrollo Economico, Instituto de Investigaciones Socio-Económicas (IISEC), Universidad Católica Boliviana, issue 14, pages 41-70.

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