International reserves and self-insurance against external shocks

International reserves and self-insurance against external shocks /

This paper develops an analytical framework that helps to quantify the optimal level of international reserves for a small open economy with limited access to foreign capital and subject to natural disasters or terms of trade shocks. International reserves allow the country to relieve balance of pay...

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Bibliographic Details
Online Access: Full text (MCPHS users only)
Main Author: Barnichon, Régis (Author)
Corporate Author: International Monetary Fund. Policy Development and Review Department
Format: Electronic eBook
Language:English
Published: Washington, D.C. : International Monetary Fund, Policy Development and Review Dept., 2008
Series:IMF working paper ; WP/08/149.
Subjects:
Foreign exchange > Econometric models.
Capital movements > Econometric models.
Foreign exchange > Caribbean Area > Econometric models.
Capital movements > Caribbean Area > Econometric models.
Foreign exchange > Sahel > Econometric models.
Capital movements > Sahel > Econometric models.
Local Note:ProQuest Ebook Central
Table of Contents:
  • I. Introduction; II. Natural Disasters in the Caribbean and the Sahel; A. Hurricanes in the Caribbean; B. Droughts in the Sahel; III. A model of optimal international reserves; A. The model; B. An approximated closed-form solution for the reserves-to-imports ratio:; IV. Calibration and Numerical Solution; A. Self-insurance against natural disasters; B. Self-insurance against terms of trade shocks; C. Self-insurance against natural disasters and terms of trade shocks; V. Conclusion; References; Appendix 1. List of Countries in Each Group

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