Reserve Adequacy in Emerging Market Economics

Released on by International Monetary Fund
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  • Reserve Adequacy in Emerging Market Economics Book Detail

  • Author : International Monetary Fund
  • Release Date : 2001-09-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 49
  • ISBN 13 : 1451856342
  • File Size : 47,47 MB
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Reserve Adequacy in Emerging Market Economics by International Monetary Fund PDF Summary

Book Description: This paper analyzes reserve adequacy in emerging market countries. It argues that the old rule of thumb of maintaining reserves equivalent to three months of imports has become obsolete and that, instead, a new benchmark is needed which takes into account the increased importance of capital flows. The paper suggests such a benchmark, consisting of the sum of short-term debt on a residual maturity basis (the external drain) and an allowance for possible capital flight (the internal drain), taking into account differences in country risk and exchange rate regime.

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