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How much should I hold? : Reserve adequacy in emerging markets and small islands /
This paper investigates the drivers of reserves in emerging markets (EMs) and small island (SIs) and develops an operational metric for estimating reserves in SIs taking into account their unique characteristics. It uses quantile regression techniques to allow the estimated factors driving reserves...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
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| Colección: | IMF working paper ;
WP/12/205. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | This paper investigates the drivers of reserves in emerging markets (EMs) and small island (SIs) and develops an operational metric for estimating reserves in SIs taking into account their unique characteristics. It uses quantile regression techniques to allow the estimated factors driving reserves holdings to vary along the reserves' holding distribution and tests for equality among the slope coefficients of the various quantile regressions and the overall models. F-tests comparing the inter-quantile differences could not reject the null that the models for the different quantiles of SIs reserve distribution were similar but this was rejected for EMs distribution suggesting that models explaining drivers of reserve holdings should take into account the country's reserve holdings. Empirical analysis suggests that the metric performs better than existing metrics in reducing crisis probabilities in SIs. |
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| Notas: | Title from PDF title page (IMF Web site, viewed August 14, 2012). "Strategy Policy and Review Department." "August 2012." |
| Descripción Física: | 1 online resource (44 pages) |
| Bibliografía: | Includes bibliographical references. |
| ISBN: | 1475529406 9781475529401 1475505558 9781475505559 1475581882 9781475581881 1475553676 9781475553673 |