International Reserves in Low Income Countries: Have They Served as Buffers?
AbstractThis 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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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 12/7.
Date of creation: 01 Jan 2012
Date of revision:
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-03-08 (All new papers)
- NEP-IFN-2012-03-08 (International Finance)
- NEP-MON-2012-03-08 (Monetary Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Chris Papageorgiou & Hans Weisfeld & Catherine A. Pattillo & Martin Schindler & Nicola Spatafora & Andrew Berg, 2011. "Global Shocks and their Impact on Low-Income Countries: Lessons from theGlobal Financial Crisis," IMF Working Papers 11/27, International Monetary Fund.
- Drummond, Paulo & Dhasmana, Anubha, 2008.
"Foreign Reserve Adequacy in Sub-Saharan Africa,"
9729, University Library of Munich, Germany.
- Paolo Mauro & TÃ¶rbjÃ¶rn I. Becker & Jonathan David Ostry & Romain Ranciere & Olivier Jeanne, 2007. "Country Insurance: The Role of Domestic Policies," IMF Occasional Papers 254, International Monetary Fund.
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