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...
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| 格式: | 雜誌 |
| 語言: | English |
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Washington, D.C. :
International Monetary Fund,
2006.
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| 叢編: | IMF Working Papers; Working Paper ;
No. 2006/229 |
| 在線閱讀: | Full text available on IMF |