"International Reserves in Low Income Countries: Have They Served as Buffers?"

Working Paper No. 12/7

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.
Publication date: January 2012
ISBN: 9781463930561
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Topics covered in this book

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Economics- Macroeconomics , Economics / General , International - Economics , Reserve Adequacy , Exogenous Shocks , Low Income Countries , External Shocks , Global Financial Crisis 2008-2009 , Low-income Developing Countries , Reserves Adequacy

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