IMF on how to insure against external shocks

A new International Monetary Fund paper finds the level of reserves required to self-insure against external shocks for two of the world's most vulnerable regions.

The paper focuses on the Caribbean and the Sahel region of Sub-Saharan Africa.

The reserves target for a Caribbean economy should be equivalent to the value of 1.8 months-worth of imports. Self-insurance against natural disasters was the main motive for holding this level of reserves here.

For a country from the Sahel the optimal

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