Assessing Reserve Adequacy in Low-Income Countries (Occasional Papers)
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Assessing Reserve Adequacy: The Colombian Case
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Other books in this series. As an example of regional framework, members of the European Union are prohibited from introducing capital controls , except in an extraordinary situation. Shopbop Designer Fashion Brands. It also allows you to accept potential citations to this item that we are uncertain about. Shopbop Designer Fashion Brands. The caveat is that higher reserves can decrease the perception of risk and thus the government bond interest rate, so this measures can overstate the cost.
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Consequently, the issue of how many reserves should each country hold is a relevant issue for economic policy. The literature has identified two different methodological approaches to deal with this issue, namely reserve optimality and reserve adequacy indicators, which are carefully reviewed in this paper to determine which is the most appropriate to guide policy decisions in the Colombian case.
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The indicator proposed by the IMF was adopted to find the adequate level that this country should hold by calibrating it with historical data for Colombia. This new conservative index suggests that the accumulated levels of reserves have been adequate in recent years and that only in very extreme scenarios there is room to acquire additional reserves. Finally, it is worth highlighting that the methodology developed in this article provides a complementary indicator to the existing ones in order to evaluate the international reserves levels that Colombia should accumulate to reduce its vulnerability to external shocks.
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Foreign-exchange reserves
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Low-income countries routinely experience exogenous disturbances - sharp swings in the terms of trade, export demand, natural disasters, and volatile financial flows - that contribute to higher volatility in aggregate output and consumption compared with other countries. Assessing Reserve Adequacy in Low-Income Countries presents the findings of an analysis of a range of external shocks faced by these countries, beginning with a discussion of the impact of external shocks on macroeconomic growth, volatility, and welfare.
Assessing Reserve Adequacy in Low-Income Countries Low-income countries routinely experience exogenous Series: Occasional Papers. Assessing Reserve Adequacy in Low-Income Countries. Article (PDF Available) in IMF Occasional Papers · January with Reads.
Although sound macroeconomic and prudential policy frameworks are the first line of defense for limiting vulnerability, international reserves constitute the main form of self-insurance against such shocks. The evidence suggests that low-income countries with reserve coverage above three months of imports were better able to smooth consumption and absorption in the face of external shocks compared with those with lower reserve holdings.
Assessing reserve adequacy in low-income countries : International Monetary Fund :
The analysis also points to the importance of country characteristics and vulnerabilities in assessing reserve adequacy. Read more Read less. Credit offered by NewDay Ltd, over 18s only, subject to status.
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