International reserve trends in the South Caucasus and Central Asia region /

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Bibliographic Details
Author / Creator:Floerkemeier, Holger, author.
Imprint:Washington, D.C. : International Monetary Fund, Middle East and Central Asia Dept., 2008.
Description:1 online resource (27 pages) : illustrations
Language:English
Series:IMF working paper, 2227-8885 ; WP/08/41
IMF working paper ; WP/08/41.
Subject:
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12497526
Hidden Bibliographic Details
Other authors / contributors:Sumlinski, Mariusz A.
International Monetary Fund. Middle East and Central Asia Department.
ISBN:1283514877
9781283514873
1451913567
9781451913569
Notes:Includes bibliographical references (pages 25-27).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
Summary:In recent years, the South Caucasus and Central Asia countries (CCA-6) have received significant foreign exchange inflows. While a healthy reserve buffer is desirable to self-insure against external crises, holding international reserves also involves costs. We analyze the adequacy of CCA-6 reserves using widely recognized rules of thumb, and simulate optimal reserve levels applying the Jeanne (2007) model. Both the adequacy measures and the model-based simulations indicate that, with the exception of Tajikistan, CCA-6 reserves had increased to broadly comfortable levels by 2006. More recently, reserve adequacy has been tested in Kazakhstan, which has been affected by the 2007 global liquidity crunch.
Other form:Print version: Floerkemeier, Holger. International reserve trends in the South Caucasus and Central Asia region. Washington, D.C. : International Monetary Fund, Middle East and Central Asia Dept., 2008
Standard no.:10.5089/9781451913569.001

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245 1 0 |a International reserve trends in the South Caucasus and Central Asia region /  |c prepared by Holger Floerkemeier and Mariusz Sumlinski. 
260 |a Washington, D.C. :  |b International Monetary Fund, Middle East and Central Asia Dept.,  |c 2008. 
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490 1 |a IMF working paper,  |x 2227-8885 ;  |v WP/08/41 
504 |a Includes bibliographical references (pages 25-27). 
520 3 |a In recent years, the South Caucasus and Central Asia countries (CCA-6) have received significant foreign exchange inflows. While a healthy reserve buffer is desirable to self-insure against external crises, holding international reserves also involves costs. We analyze the adequacy of CCA-6 reserves using widely recognized rules of thumb, and simulate optimal reserve levels applying the Jeanne (2007) model. Both the adequacy measures and the model-based simulations indicate that, with the exception of Tajikistan, CCA-6 reserves had increased to broadly comfortable levels by 2006. More recently, reserve adequacy has been tested in Kazakhstan, which has been affected by the 2007 global liquidity crunch. 
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588 0 |a Print version record. 
505 0 |a I. Introduction; II. Reserves as Self-Insurance: Sources of External Vulnerability; III. Traditional Measures of Reserve Adequacy; Figures; 1. CCA-6. Measures of Reserve Adequacy, 1995-2007; 2. Measures of Reserve Adequacy 2005-International Comparison; IV. Optimal Reserves; A. The model; B. Calibration; Tables; 1. Calibration Parameters; C. Baseline results; 2. Implicit Parameter Values Yielding Optimality of End-2006 Reserves; 3. Simulation Results; Box; 1. Kazakhstan: Impact of the 2007 Global Credit Squeeze; D. Sensitivity analysis. 
505 8 |a 3. Sensitivity of Simulation Results: Average Impact of Parameter Changes4. Sensitivity of Simulation Results: Country- and Time Effects; E. Model extensions; V. Summary and Concluding Remarks; 5: Imports-to-GDP Ratios in Transition Countries; Appendix 1: Recent Empirical Work on International Reserve Holdings; Appendix 2: Sensititvity of Simulation Results; References. 
650 0 |a Foreign exchange  |z Caucasus  |x Econometric models. 
650 0 |a Foreign exchange  |z Asia, Central  |x Econometric models. 
650 0 |a Finance  |z Caucasus  |x Econometric models. 
650 0 |a Finance  |z Asia, Central  |x Econometric models. 
651 0 |a Caucasus  |x Economic conditions  |x Econometric models. 
651 0 |a Asia, Central  |x Economic conditions  |x Econometric models. 
650 6 |a Change  |z Caucase  |x Modèles économétriques. 
650 6 |a Change  |z Asie centrale  |x Modèles économétriques. 
650 6 |a Finances  |z Caucase  |x Modèles économétriques. 
650 6 |a Finances  |z Asie centrale  |x Modèles économétriques. 
651 6 |a Caucase  |x Conditions économiques  |x Modèles économétriques. 
651 6 |a Asie centrale  |x Conditions économiques  |x Modèles économétriques. 
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650 7 |a Foreign exchange  |x Econometric models.  |2 fast  |0 (OCoLC)fst00931774 
651 7 |a Central Asia.  |2 fast  |0 (OCoLC)fst01240497 
651 7 |a Caucasus.  |2 fast  |0 (OCoLC)fst01244425 
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776 0 8 |i Print version:  |a Floerkemeier, Holger.  |t International reserve trends in the South Caucasus and Central Asia region.  |d Washington, D.C. : International Monetary Fund, Middle East and Central Asia Dept., 2008  |w (OCoLC)214283270 
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