IMF paper evaluates reserve adequacy in emerging markets

IMF headquarters in Washington DC

A working paper, published by the International Monetary Fund in August, studies the factors determining the reserve holding of emerging markets and small islands, and suggests a measure of adequate reserves as a buffer against crises.

The author, Nkunde Mwase, compares annual data from 23 small islands and 45 emerging markets over the period 1999-2010, finding that imports are important for both, but exchange rate volatility matters more to small islands and the supply of broad money is more

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