International Reserves in Low Income Countries; Have they Served As Buffers?
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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- 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.
- International Monetary Fund, 2008.
"Foreign Reserve Adequacy in Sub-Saharan Africa,"
IMF Working Papers
08/150, International Monetary Fund.
- Paolo Mauro & Torbjorn I. Becker & Jonathan David Ostry & Romain Ranciere & Olivier D Jeanne, 2007. "Country Insurance; The Role of Domestic Policies," IMF Occasional Papers 254, International Monetary Fund.
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