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Precautionary reserves : an application to Bolivia

Author: Fabian Valencia; International Monetary Fund. Western Hemisphere Department,
Publisher: [Washington, D.C.] : International Monetary Fund, ©2010.
Series: IMF working paper, WP/10/54.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
Using precautionary savings models we compute levels of optimal reserves for Bolivia. Because of Bolivia's reliance on commodity exports and little integration with capital markets, we focus on current account shocks as the key balance of payments risk. These models generate an optimal level of net foreign assets ranging from 29 to 37 percent of GDP. For comparison purposes, we contrasted these results with standard  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Valencia, Fabian.
Precautionary Reserves: An Application to Bolivia.
Washington : International Monetary Fund, ©2010
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Fabian Valencia; International Monetary Fund. Western Hemisphere Department,
ISBN: 1283560585 9781283560580 9781452711706 1452711704
OCLC Number: 668101112
Description: 1 online resource (25 pages).
Contents: Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Bolivia: External Sector Developments; 1. Bolivia: Selected External Sector Varialbles; 2. Terms of Trade; III. The Model; A. The Optimal Level of Reserves; 3. Optimal Reserves and Risk; IV. Numerical Solution; 4. Consumption Rule; 5. Optimal and Actual Financial System Net Foreign Assets; V. Adding Investment; A. Solution; 6. Optimal Decision Rules with Investment; 7. Optimal and Actual NFA With and Without Investment; VI. Sensitivity Analysis; 1. Sensitivity Analysis: Optimal Reserves; VII. Other Banchmarks. 8. Rule of Thumb Reserve Adequacy IndicatorsVIII. Conclusions; Appendix; References; Footnotes.
Series Title: IMF working paper, WP/10/54.
Responsibility: prepared by Fabian Valencia.

Abstract:

Using precautionary savings models we compute levels of optimal reserves for Bolivia. Because of Bolivia's reliance on commodity exports and little integration with capital markets, we focus on current account shocks as the key balance of payments risk. These models generate an optimal level of net foreign assets ranging from 29 to 37 percent of GDP. For comparison purposes, we contrasted these results with standard rule of thumb measures of reserve adequacy, which in the case of Bolivia resulted in substantially lower levels of adequate reserves. These differing results emphasize the need to appropriately account for country-specific risks in order to derive adequate measures of reserve buffers.

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