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

International Reserves in Low Income Countries: Have They Served as Buffers? by International Monetary Fund
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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.
International Monetary Fund; January 2012
36 pages; ISBN 9781463968540
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Title: "International Reserves in Low Income Countries: Have They Served as Buffers?"
Author: International Monetary Fund
 
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