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...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Schriftenreihe: | IMF working paper ;
WP/12/205. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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. |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed August 14, 2012). "Strategy Policy and Review Department." "August 2012." |
| Beschreibung: | 1 online resource (44 pages) |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 1475529406 9781475529401 1475505558 9781475505559 1475581882 9781475581881 1475553676 9781475553673 |
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| 245 | 1 | 0 | |a How much should I hold? : |b Reserve adequacy in emerging markets and small islands / |c prepared by Nkunde Mwase. |
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| 500 | |a Title from PDF title page (IMF Web site, viewed August 14, 2012). | ||
| 520 | |a 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. | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "Strategy Policy and Review Department." | ||
| 500 | |a "August 2012." | ||
| 505 | 0 | |a Cover; Abstract; Contents; I. Introduction; II. What Determines Reserve Holdings?; A. Data and Modeling Strategy; B. Empirical Results from Standard Panel OLS and Fixed Effects; C. Empirical Results from Quantile Regressions; III. A New Metric For Small Islands; A. Developing A Metric; B. Empirical Analysis to Determine Thresholds For the Metric; C. Estimation Results; IV. Conclusion; References; APPENDIX TABLES; 1. Country List; 2. Description of Variables; 3. SIs and EMs: Reserve Demand Regressions; 4. Full Sample: OLS and Quantile Regression Results. | |
| 505 | 8 | |a 5. SIs: OLS and Quantile Regression Results6. EM: OLS and Quantile Regression Results; 7. Full Sample: Inter-quantile Regression Results; 8. SIs: Inter-quantile Regression Results; 9. EM: Inter-quantile Regression Results; 10. SIs: Episodes of Exchange Market Pressure; 11. Comparison on Various Reserve Adequacy Metrics: Logit Regression; FIGURES; 1. EMs and SIs: Traditional Metrics, 2000-2010; 2. Sample Mean Average Actual and Predicted Reserves, 2007-2010; 3. Full Sample: Comparison of OLS and Quantile Regression Coefficient Estimate. | |
| 505 | 8 | |a 4. SIs: Comparison of OLS and Quantile Regression Coefficient Estimates5. EM: Comparison of OLS and Quantile Regression Coefficient Estimates; 6. EM and SIs: Concessional and Multilateral Debt, 1999-2009; 7. SIs: Exchange Market Pressure Crisis Episodes; 8. SIs: Exchange Market Pressure Crisis Episodes Triggers; 9. The Dominican Republic and Grenada: Balance of Payments Flows In Crisis Events; 10. Distribution of Export, Broad Money, and Short-Term Debt; 11. New Metric vs. Maximum of Traditional Metrics; 12. EMP Event Probability; 13. Reserves Against Risk-Weighted Metric. | |
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| adam_text | |
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| author | Mwase, Nkunde |
| author_GND | http://id.loc.gov/authorities/names/no2005026057 |
| author_corporate | International Monetary Fund. Strategy, Policy, and Review Department |
| author_corporate_role | |
| author_facet | Mwase, Nkunde International Monetary Fund. Strategy, Policy, and Review Department |
| author_role | aut |
| author_sort | Mwase, Nkunde |
| author_variant | n m nm |
| building | Verbundindex |
| bvnumber | localFWS |
| callnumber-first | H - Social Science |
| callnumber-label | HG3881 |
| callnumber-raw | HG3881.5.I58 W67 No. 12/205eb |
| callnumber-search | HG3881.5.I58 W67 No. 12/205eb |
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| collection | ZDB-4-EBU |
| contents | Cover; Abstract; Contents; I. Introduction; II. What Determines Reserve Holdings?; A. Data and Modeling Strategy; B. Empirical Results from Standard Panel OLS and Fixed Effects; C. Empirical Results from Quantile Regressions; III. A New Metric For Small Islands; A. Developing A Metric; B. Empirical Analysis to Determine Thresholds For the Metric; C. Estimation Results; IV. Conclusion; References; APPENDIX TABLES; 1. Country List; 2. Description of Variables; 3. SIs and EMs: Reserve Demand Regressions; 4. Full Sample: OLS and Quantile Regression Results. 5. SIs: OLS and Quantile Regression Results6. EM: OLS and Quantile Regression Results; 7. Full Sample: Inter-quantile Regression Results; 8. SIs: Inter-quantile Regression Results; 9. EM: Inter-quantile Regression Results; 10. SIs: Episodes of Exchange Market Pressure; 11. Comparison on Various Reserve Adequacy Metrics: Logit Regression; FIGURES; 1. EMs and SIs: Traditional Metrics, 2000-2010; 2. Sample Mean Average Actual and Predicted Reserves, 2007-2010; 3. Full Sample: Comparison of OLS and Quantile Regression Coefficient Estimate. 4. SIs: Comparison of OLS and Quantile Regression Coefficient Estimates5. EM: Comparison of OLS and Quantile Regression Coefficient Estimates; 6. EM and SIs: Concessional and Multilateral Debt, 1999-2009; 7. SIs: Exchange Market Pressure Crisis Episodes; 8. SIs: Exchange Market Pressure Crisis Episodes Triggers; 9. The Dominican Republic and Grenada: Balance of Payments Flows In Crisis Events; 10. Distribution of Export, Broad Money, and Short-Term Debt; 11. New Metric vs. Maximum of Traditional Metrics; 12. EMP Event Probability; 13. Reserves Against Risk-Weighted Metric. |
| ctrlnum | (OCoLC)806141203 |
| dewey-full | 332.152 |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.152 |
| dewey-search | 332.152 |
| dewey-sort | 3332.152 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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"><subfield code="a">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. 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| geographic | Developing countries fast |
| geographic_facet | Developing countries |
| id | ZDB-4-EBU-ocn806141203 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:49:06Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/no2009043117 |
| isbn | 1475529406 9781475529401 1475505558 9781475505559 1475581882 9781475581881 1475553676 9781475553673 |
| language | English |
| oclc_num | 806141203 |
| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (44 pages) |
| psigel | ZDB-4-EBU |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Mwase, Nkunde, author. http://id.loc.gov/authorities/names/no2005026057 How much should I hold? : Reserve adequacy in emerging markets and small islands / prepared by Nkunde Mwase. Reserve adequacy in emerging markets and small islands [Washington, D.C.] : International Monetary Fund, ©2012. 1 online resource (44 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier polychrome. rdacc http://rdaregistry.info/termList/RDAColourContent/1003 data file IMF working paper ; WP/12/205 Title from PDF title page (IMF Web site, viewed August 14, 2012). 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. Includes bibliographical references. "Strategy Policy and Review Department." "August 2012." Cover; Abstract; Contents; I. Introduction; II. What Determines Reserve Holdings?; A. Data and Modeling Strategy; B. Empirical Results from Standard Panel OLS and Fixed Effects; C. Empirical Results from Quantile Regressions; III. A New Metric For Small Islands; A. Developing A Metric; B. Empirical Analysis to Determine Thresholds For the Metric; C. Estimation Results; IV. Conclusion; References; APPENDIX TABLES; 1. Country List; 2. Description of Variables; 3. SIs and EMs: Reserve Demand Regressions; 4. Full Sample: OLS and Quantile Regression Results. 5. SIs: OLS and Quantile Regression Results6. EM: OLS and Quantile Regression Results; 7. Full Sample: Inter-quantile Regression Results; 8. SIs: Inter-quantile Regression Results; 9. EM: Inter-quantile Regression Results; 10. SIs: Episodes of Exchange Market Pressure; 11. Comparison on Various Reserve Adequacy Metrics: Logit Regression; FIGURES; 1. EMs and SIs: Traditional Metrics, 2000-2010; 2. Sample Mean Average Actual and Predicted Reserves, 2007-2010; 3. Full Sample: Comparison of OLS and Quantile Regression Coefficient Estimate. 4. SIs: Comparison of OLS and Quantile Regression Coefficient Estimates5. EM: Comparison of OLS and Quantile Regression Coefficient Estimates; 6. EM and SIs: Concessional and Multilateral Debt, 1999-2009; 7. SIs: Exchange Market Pressure Crisis Episodes; 8. SIs: Exchange Market Pressure Crisis Episodes Triggers; 9. The Dominican Republic and Grenada: Balance of Payments Flows In Crisis Events; 10. Distribution of Export, Broad Money, and Short-Term Debt; 11. New Metric vs. Maximum of Traditional Metrics; 12. EMP Event Probability; 13. Reserves Against Risk-Weighted Metric. English. Foreign exchange reserves Developing countries. Reserves (Accounting) http://id.loc.gov/authorities/subjects/sh85113068 Réserves (Comptabilité) BUSINESS & ECONOMICS Finance. bisacsh Foreign exchange reserves fast Developing countries fast International Monetary Fund. Strategy, Policy, and Review Department. http://id.loc.gov/authorities/names/no2009043117 has work: How much should I hold? (Text) https://id.oclc.org/worldcat/entity/E39PCFWJwyxwGP8mm4CJ4qCWQm https://id.oclc.org/worldcat/ontology/hasWork 1-4755-2940-6 1-4755-0555-8 IMF working paper ; WP/12/205. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568160 Volltext |
| spellingShingle | Mwase, Nkunde How much should I hold? : Reserve adequacy in emerging markets and small islands / IMF working paper ; Cover; Abstract; Contents; I. Introduction; II. What Determines Reserve Holdings?; A. Data and Modeling Strategy; B. Empirical Results from Standard Panel OLS and Fixed Effects; C. Empirical Results from Quantile Regressions; III. A New Metric For Small Islands; A. Developing A Metric; B. Empirical Analysis to Determine Thresholds For the Metric; C. Estimation Results; IV. Conclusion; References; APPENDIX TABLES; 1. Country List; 2. Description of Variables; 3. SIs and EMs: Reserve Demand Regressions; 4. Full Sample: OLS and Quantile Regression Results. 5. SIs: OLS and Quantile Regression Results6. EM: OLS and Quantile Regression Results; 7. Full Sample: Inter-quantile Regression Results; 8. SIs: Inter-quantile Regression Results; 9. EM: Inter-quantile Regression Results; 10. SIs: Episodes of Exchange Market Pressure; 11. Comparison on Various Reserve Adequacy Metrics: Logit Regression; FIGURES; 1. EMs and SIs: Traditional Metrics, 2000-2010; 2. Sample Mean Average Actual and Predicted Reserves, 2007-2010; 3. Full Sample: Comparison of OLS and Quantile Regression Coefficient Estimate. 4. SIs: Comparison of OLS and Quantile Regression Coefficient Estimates5. EM: Comparison of OLS and Quantile Regression Coefficient Estimates; 6. EM and SIs: Concessional and Multilateral Debt, 1999-2009; 7. SIs: Exchange Market Pressure Crisis Episodes; 8. SIs: Exchange Market Pressure Crisis Episodes Triggers; 9. The Dominican Republic and Grenada: Balance of Payments Flows In Crisis Events; 10. Distribution of Export, Broad Money, and Short-Term Debt; 11. New Metric vs. Maximum of Traditional Metrics; 12. EMP Event Probability; 13. Reserves Against Risk-Weighted Metric. Foreign exchange reserves Developing countries. Reserves (Accounting) http://id.loc.gov/authorities/subjects/sh85113068 Réserves (Comptabilité) BUSINESS & ECONOMICS Finance. bisacsh Foreign exchange reserves fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85113068 |
| title | How much should I hold? : Reserve adequacy in emerging markets and small islands / |
| title_alt | Reserve adequacy in emerging markets and small islands |
| title_auth | How much should I hold? : Reserve adequacy in emerging markets and small islands / |
| title_exact_search | How much should I hold? : Reserve adequacy in emerging markets and small islands / |
| title_full | How much should I hold? : Reserve adequacy in emerging markets and small islands / prepared by Nkunde Mwase. |
| title_fullStr | How much should I hold? : Reserve adequacy in emerging markets and small islands / prepared by Nkunde Mwase. |
| title_full_unstemmed | How much should I hold? : Reserve adequacy in emerging markets and small islands / prepared by Nkunde Mwase. |
| title_short | How much should I hold? : |
| title_sort | how much should i hold reserve adequacy in emerging markets and small islands |
| title_sub | Reserve adequacy in emerging markets and small islands / |
| topic | Foreign exchange reserves Developing countries. Reserves (Accounting) http://id.loc.gov/authorities/subjects/sh85113068 Réserves (Comptabilité) BUSINESS & ECONOMICS Finance. bisacsh Foreign exchange reserves fast |
| topic_facet | Foreign exchange reserves Developing countries. Reserves (Accounting) Réserves (Comptabilité) BUSINESS & ECONOMICS Finance. Foreign exchange reserves Developing countries |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568160 |
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