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International Reserve Adequacy in the Gambia

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  • Eugen Tereanu

Abstract

This paper applies intertemporal models of precautionary saving to compute an optimal level of international reserves for The Gambia. The analysis focuses on current account shocks specific to a low-income economy with a significant import component and complements a more standard, rule-of-thumb reserve adequacy assessment. The results suggest a central range from 4.5 months to 7 months of imports, which is broadly aligned with the recent actual coverage. Notwithstanding parameter sensitivity, the simulations allow for more informed policy decisions that balance flexibility with a prudent approach to reserve use.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/215.

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Length: 16
Date of creation: 01 Sep 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/215

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Related research

Keywords: Economic models; Foreign exchange reserves; Reserves adequacy; Risk management; foreign exchange; exchange rate; reserve accumulation; balance of payments; domestic debt; external borrowing; exchange reserves; central bank; current account; foreign exchange market; external debt; real exchange rate; reserve assets; exchange rates; short term debt; external shocks; foreign loans; current account balance; reserve asset; nominal exchange rate; exchange rate depreciation; multilateral concessional; exchange rate intervention; average exchange rate; concessional debt; real effective exchange rate; sovereign debt; government debt; exchange rate increase; real exchange rate depreciation; flexible exchange rate; effective exchange rate; balance of payment;

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Cited by:
  1. Zhichao Zhang & Frankie Chau & Li Xie, 2013. "Accumulation of large foreign reserves in China: a behavioural perspective," Economic Change and Restructuring, Springer, Springer, vol. 46(1), pages 85-108, March.

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