Optimal Reserves in the Eastern Caribbean Currency Union [electronic resource] / Wendell A Samuel.
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TextSeries: IMF Working Papers; Working Paper ; No. 09/77Publication details: Washington, D.C. : International Monetary Fund, 2009Description: 1 online resource (20 p.)ISBN: 1451872240 :ISSN: 1018-5941Subject(s): Banking | Central Bank | Current Account | External Debt | Optimal Reserves | Reserve Adequacy | Antigua and Barbuda | Central African Republic | Grenada | Saint Vincent and the Grenadines | UruguayAdditional physical formats: Print Version:: Optimal Reserves in the Eastern Caribbean Currency UnionOnline resources: IMF e-Library | IMF Book Store Abstract: Recent turbulence in global and Caribbean regional financial markets underscore the importance of reassessing the adequacy of international reserves held by the Eastern Caribbean Central Bank (ECCB). Using the Jeanne (2007) optimization framework, this paper finds that international reserves held by the ECCB are generally adequate for a variety of external current account and capital account shocks. However, the ECCB would be challenged in the event of moderate to severe deposit outflows.
Recent turbulence in global and Caribbean regional financial markets underscore the importance of reassessing the adequacy of international reserves held by the Eastern Caribbean Central Bank (ECCB). Using the Jeanne (2007) optimization framework, this paper finds that international reserves held by the ECCB are generally adequate for a variety of external current account and capital account shocks. However, the ECCB would be challenged in the event of moderate to severe deposit outflows.
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