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Author : M. June Flanders
Publisher : Unknown
Page : 100 pages
File Size : 45,7 Mb
Release : 1971
Category : Developing countries
ISBN : UOM:39015062229631
Author : F. Steb Hipple
Publisher : Unknown
Page : 60 pages
File Size : 51,5 Mb
Release : 1974
Category : Business & Economics
ISBN : UOM:49015001168898
Author : Anne Y. Kester
Publisher : International Monetary Fund
Page : 86 pages
File Size : 55,5 Mb
Release : 2001-10-23
Category : Business & Economics
ISBN : UCSD:31822031385131
International financial crises in the late 1990s revealed that deficiencies in countrieѕђة́ international reserves and related information made it difficult to anticipate and respond to crises by obscuring financial weaknesses and imbalances. This volume sets forth an innovative framework to assess countrieѕђة́ international reserves and foreign currency liquidity. The framework takes account of official balance sheet and off-balance-sheet financial activities, future and potential demand for foreign exchange to meet official obligations, the availability of official foreign currency assets to meet such demand, and official risk exposure to exchange rate fluctuations. This work clarifies what international reserves are, and how international reserves and related information should be strengthened to promote informed decision making in the public and private sectors, thereby helping improve the functioning of global financial markets.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 30 pages
File Size : 48,5 Mb
Release : 1988-12-08
Category : Business & Economics
ISBN : 9781451947328
An empirical study that shows that countries’ reserve holdings are sensitive to the rates at which they can borrow on international financial markets, this analysis confirms the view that holding major currencies as reserve assets has costs that are frequently unrecognized. Between 1978-82 for 24 sample countries, and between 1978-86 for the same sample less those countries with debt-servicing difficulties, international borrowing costs were found to be a highly significant determinant of reserve holdings—particularly before 1982 for the group with debt difficulties.
Author : J. de Beaufort Wijnholds
Publisher : Springer Science & Business Media
Page : 257 pages
File Size : 49,7 Mb
Release : 2013-11-11
Category : Business & Economics
ISBN : 9781468469547
International monetary economics essentially deals with three problems, viz. the nature and stability of the international monetary system, the balance of payments adjustment process, and international liquidity (reserves and credit facilities). All three categories are interrelated. The exchange rate system has an important bearing on the manner in which the adjustment process functions, as well as on the need for international liquidity. The adjustment process is an important determinant of the need for international liquidity. The adequacy of international liquidity influences the working of the adjustment process. Ultimately, developments in international liquidity and in the adjustment process determine the nature and stability of the international monetary system; a sustained malfunctioning of the adjustment process - brought about by a serious imbalance in international liquidity or by other causes - will bring about a new international monetary system, either through collapse or reform of the old system. This study deals only with the problem of international liquidity. However, it touches on the two other main aspects of international monetary economics insofar as they have a bearing on international reserves and credit facilities. In the literature international liquidity is most often defined as including international reserves (gold, SDRs, foreign exchange and claims on the IMF) and international credit facilities (IMF drawing rights, EEC support arrangements and central bank multilateral and bilateral credit facilities). This definition will also be followed in this study.
Author : Steven A. Bloom
Publisher : Unknown
Page : 0 pages
File Size : 53,6 Mb
Release : 1980
Category : Developing countries
ISBN : OCLC:1430586424
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 30 pages
File Size : 45,5 Mb
Release : 1989-10-27
Category : Business & Economics
ISBN : 9781451951844
This paper provides a theoretical underpinning for the major determinants of optimal reserve demand in the case where fundamental disequilibrium constitutes a key element governing reserve management. Emphasis is given to the role of reserves to smooth the process of economic adjustment by financing part of external disequilibrium, as well as to meet temporary random fluctuations in the excess demand for foreign exchange. The analysis incorporates this financing aspect of reserve holdings into a simple inventory model and discusses the optimal stock of reserves in the context of the optimal mix of adjustment and financing.
Author : International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
Page : 258 pages
File Size : 48,6 Mb
Release : 2015-01-07
Category : Business & Economics
ISBN : 9781484350164
This update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.
Author : Mr.Jaewoo Lee,Mr.Joshua Aizenman
Publisher : International Monetary Fund
Page : 32 pages
File Size : 47,7 Mb
Release : 2005-10-01
Category : Business & Economics
ISBN : 9781451862171
This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries. Overall, empirical results support precautionary motives; in particular, a more liberal capital account regime increases international reserves. Theoretically, large precautionary demand for international reserves arises as a self-insurance to avoid costly liquidation of long-term projects when the economy is susceptible to sudden stops. The welfare gain from the optimal management of international reserves is of a first-order magnitude, reducing the welfare cost of liquidity shocks from a first-order to a second-order magnitude.
Author : Robert P. Flood,Nancy P. Marion
Publisher : International Monetary Fund
Page : 58 pages
File Size : 42,8 Mb
Release : 2002-04
Category : Business & Economics
ISBN : UCSD:31822029718244
Why do countries hold so much international reserves? Global reserve holdings (excluding gold) were equivalent to 17 weeks of imports at the end of 1999. That is almost double what they were at the end of 1960 and about 20 percent higher than they were at the start of the 1990s. In this paper we study countries’ reserve holdings in light of both the increased financial volatility experienced in the last decade and diminished adherence to fixed exchange rates. We find that buffer-stock reserve models work about as well in the modern floating-rate period as they did during the Bretton Woods regime. During both periods, however, the models’ fundamentals explain only a small portion (10-15 percent) of reserves volatility.
Author : Jixin Xu
Publisher : National Library of Canada = Bibliothèque nationale du Canada
Page : 128 pages
File Size : 49,5 Mb
Release : 1992
Category : Electronic
ISBN : 0315837756
Author : Scott Roger
Publisher : Unknown
Page : 116 pages
File Size : 51,5 Mb
Release : 1993
Category : Foreign exchange
ISBN : STANFORD:36105008927985
Author : Eugen Dimant
Publisher : GRIN Verlag
Page : 29 pages
File Size : 46,6 Mb
Release : 2011-02
Category : Electronic
ISBN : 9783640820498
Scientific Essay from the year 2010 in the subject Economics - Finance, grade: 1.3, University of Paderborn, course: International Finance, language: English, abstract: In the aftermath of various crises such as the Asian financial crisis at the end of the nineties, which had a huge impact on the national and globalized political economies worldwide, a process of massive reserve accumulation started, especially in East Asia [Bar-Ilan/Marion 2009: 802]. This process of reserve accumulation initiated a rapid change of the world's pattern causing changing demands that need to be handled since the beginning of the new century. The so called globalized world realized that not only the power they were given to affect own policies and long term contingency approaches should be taken into account, but also they had to admit that intergovernmental interaction needs to play a decisive role in every deliberation of political and financial activity. Having the present economic situation in mind, almost every day new banks and financial institutions are collapsing while driving down the world further in a downward spiral. Obviously, the confidence and reliance on the conceptual skills concerning financial matters is suffering tremendously ever since these crises and need to be reestablished contemporarily in order to stimulate the indispensable demand for goods and services. Since 1997, the emerging markets have boosted their international reserve holdings by 60% [Walters/Cruz 2008: 665] and even the developing nations increased their foreign exchange reserves from around 8% in the 80s to almost 30% of GDP in 2004 [Rodrik 2006: 4]. Therefore, this paper will have a closer look on what the immanent theoretical justifications declare from the economical point of view and clarify what effects this process has especially on the Brazilian economy. The reason for having this discussion is the fact that "reserve inadequacy could affect individual countries differently" and thereby ea
Author : Sebastian Edwards
Publisher : Unknown
Page : 40 pages
File Size : 53,6 Mb
Release : 1985
Category : Developing countries
ISBN : PSU:000010313619
Contrary to what is suggested by the theory, most empirical studies on the demand for international reserves have failed to find a significant(negative) coefficient for the opportunity cost of holding reserves. In this paper it is argued that the reason for this is that the opportunity cost of holding international reserves has been measured incorrectly. In the empirical analysis presented in this paper the spread between the interest rate at which countries can borrow from abroad and LIBOR is used as a proxy for the net opportunity cost for holding reserves. The results obtained using data for a group of developing countries for 1976-198O show that when this net opportunity cost is used, the regression coefficient is significantly negative.
Author : Taru Lehto
Publisher : Unknown
Page : 90 pages
File Size : 51,6 Mb
Release : 1994
Category : Electronic
ISBN : IND:30000119672842
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