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

International Monetary Fund

No 2012/007, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; cost; economy; loss; external shock; reserve (search for similar items in EconPapers)
Pages: 36
Date: 2012-01-01
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