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International Reserves in Low Income Countries: Have they Served As Buffers?

  • International Monetary Fund
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    This 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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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/7.

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    Length: 36
    Date of creation: 01 Jan 2012
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    Handle: RePEc:imf:imfwpa:12/7
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    1. Drummond, Paulo & Dhasmana, Anubha, 2008. "Foreign Reserve Adequacy in Sub-Saharan Africa," MPRA Paper 9729, University Library of Munich, Germany.
    2. Paolo Mauro & Törbjörn I. Becker & Jonathan David Ostry & Romain Ranciere & Olivier Jeanne, 2007. "Country Insurance: The Role of Domestic Policies," IMF Occasional Papers 254, International Monetary Fund.
    3. Chris Papageorgiou & Hans Weisfeld & Catherine A. Pattillo & Martin Schindler & Nicola Spatafora & Andrew Berg, 2011. "Global Shocks and their Impacton Low-Income Countries: Lessons From theglobal Financial Crisis," IMF Working Papers 11/27, International Monetary Fund.
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