The Optimal Level of International Reserves for Emerging Market Countries : Formulas and Applications /
We present a model of the optimal level of international reserves for a small open economy that is vulnerable to sudden stops in capital flows. Reserves allow the country to smooth domestic absorption in response to sudden stops, but yield a lower return than the interest rate on the country's...
| Tác giả chính: | |
|---|---|
| Tác giả khác: | |
| Định dạng: | Tạp chí |
| Ngôn ngữ: | English |
| Được phát hành: |
Washington, D.C. :
International Monetary Fund,
2006.
|
| Loạt: | IMF Working Papers; Working Paper ;
No. 2006/229 |
| Truy cập trực tuyến: | Full text available on IMF |