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This paper provides a historical perspective on the role of international reserves in low-income countries as a cushion against large external shocks over the last three decades - including the current global crisis. The results suggest that international reserves have played a role in buffering external shocks, with the resulting macroeconomic costs varying with the nature of the shock, the economy's structural characteristics, and the level of reserves.

Finance --- Business & Economics --- International Finance --- Foreign exchange reserves --- Finance, Public --- Currency reserves, Foreign --- Foreign currency reserves --- Foreign reserves (Foreign exchange reserves) --- International reserves (Foreign exchange reserves) --- Reserves, Foreign exchange --- Reserves (Accounting) --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Macroeconomic Analyses of Economic Development --- Open Economy Macroeconomics --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Monetary Policy --- Empirical Studies of Trade --- Trade: General --- Macroeconomics: Consumption --- Saving --- Wealth --- International Investment --- Long-term Capital Movements --- International economics --- Banking --- International reserves --- Terms of trade --- Imports --- Consumption --- Foreign direct investment --- Economic policy --- nternational cooperation --- Economics --- Investments, Foreign

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Why have emerging market economies (EMEs) been stockpiling international reserves? We find that motives have varied over time?vulnerability to current account shocks was relatively important in the 1980s but, as EMEs have become more financially integrated, factors related to the magnitude of potential capital outflows have gained in importance. Reserve accumulation as a by-product of undervalued currencies has also become more important since the Asian crisis. Correspondingly, using quantile regressions, we find that the reason for holding reserves varies according to the country's position in the global reserves distribution. High reserve holders, who tend to be more financially integrated, are motivated by insurance against capital account rather than current account shocks, and are more sensitive to the cost of holding reserves than are low-reserve holders. Currency undervaluation is a significant determinant across the reserves distribution, albeit for different reasons.

Foreign exchange reserves --- Mercantile system --- Financial crises --- Cameralism --- Kameralism --- Mercantilism (Mercantile system) --- Balance of trade --- Economic policy --- Currency reserves, Foreign --- Foreign currency reserves --- Foreign reserves (Foreign exchange reserves) --- International reserves (Foreign exchange reserves) --- Reserves, Foreign exchange --- Finance, Public --- Reserves (Accounting) --- Exports and Imports --- Foreign Exchange --- Banks and Banking --- Central Banks and Their Policies --- Economic Integration --- Economic Growth of Open Economies --- Current Account Adjustment --- Short-term Capital Movements --- Monetary Policy --- International economics --- Currency --- Foreign exchange --- Banking --- Capital account --- Current account --- Exchange rates --- Exchange rate arrangements --- Real exchange rates --- Balance of payments --- Reserves accumulation --- Central banks --- United States

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Views on the effectiveness of sterilized reserve intervention vary. Sterilized intervention is generally seen as ineffective in advanced countries while persistent intervention by some emerging markets is often cited as contributing to undervalued exchange rates and current account surpluses. This paper argues that capital controls reconcile these views. We find strong and highly robust evidence that sterilized intervention is fully offset by outflows of private money in countries without controls, while controls partially block this offset. For a country with extensive capital controls, every dollar in additional reserves increases the current account by some 50 cents. This is mainly offset by an opposite adjustment in the current account of the United States—the dominant reserve currency issuer with the deepest and most liquid bond markets—with a smaller diversion to other emerging markets.

Foreign exchange reserves --- Finance, Public. --- Cameralistics --- Public finance --- Public finances --- Currency question --- Currency reserves, Foreign --- Foreign currency reserves --- Foreign reserves (Foreign exchange reserves) --- International reserves (Foreign exchange reserves) --- Reserves, Foreign exchange --- Finance, Public --- Reserves (Accounting) --- Econometric models. --- Banks and Banking --- Exports and Imports --- International Finance: General --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- Monetary Policy --- International Investment --- Long-term Capital Movements --- International economics --- Banking --- Current account --- Reserves accumulation --- Capital account --- International reserves --- Capital controls --- Balance of payments --- Central banks --- Capital movements --- United States

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This update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.

International liquidity --- Foreign exchange reserves --- Balance of payments --- International Finance --- Finance --- Business & Economics --- Current account balance (International trade) --- International payments, Balance of --- Foreign exchange --- Terms of trade --- Balance of trade --- Currency reserves, Foreign --- Foreign currency reserves --- Foreign reserves (Foreign exchange reserves) --- International reserves (Foreign exchange reserves) --- Reserves, Foreign exchange --- Finance, Public --- Reserves (Accounting) --- International finance --- Liquidity (Economics) --- Banks and Banking --- Exports and Imports --- Investments: General --- Investments: Options --- Money and Monetary Policy --- Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Banking --- Monetary economics --- Investment & securities --- International economics --- Reserve assets --- Currencies --- Securities --- Options --- International reserves --- Central banks --- Money --- Financial institutions --- Derivative securities --- Financial instruments --- Loans --- United States

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Over the past decade, Indonesia has developed into an important regional and global economy, as well as an active participant in the G20. The chapters in this book document the substantial improvements in the quality of macroeconomic policy that Indonesia has achieved, while also clearly laying out an agenda of measures that should be taken to safeguard these gains and further lower vulnerabilities going forward. Rather than just demonstrating progress in key macroeconomic indicators, the contributors have delved into the ways that global volatility, especially since 2008, has affected Indonesia and how that country has adjusted its policies to meet the new challenges.

Economic conditions. Economic development --- Public finance --- Indonesia --- Inflation (Finance) --- Monetary policy --- Fiscal policy --- Debts, Public --- Foreign exchange reserves --- Corporate governance --- Inflation --- Politique monétaire --- Politique fiscale --- Dettes publiques --- Réserves de change --- Gouvernance d'entreprise --- Indonésie --- Economic policy. --- Politique économique --- Corporations --- Business & Economics --- Economic History --- Politique monétaire --- Réserves de change --- Indonésie --- Politique économique --- Currency reserves, Foreign --- Foreign currency reserves --- Foreign reserves (Foreign exchange reserves) --- International reserves (Foreign exchange reserves) --- Reserves, Foreign exchange --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Business corporations --- C corporations --- Corporations, Business --- Corporations, Public --- Limited companies --- Publicly held corporations --- Publicly traded corporations --- Public limited companies --- Stock corporations --- Subchapter C corporations --- Governance, Corporate --- Finance, Public --- Reserves (Accounting) --- Finance --- Natural rate of unemployment --- Debt --- Bonds --- Deficit financing --- Business enterprises --- Corporate power --- Disincorporation --- Stocks --- Trusts, Industrial --- Industrial management --- Directors of corporations --- E-books --- Banks and Banking --- Corporate Finance --- Exports and Imports --- Public Finance --- Price Level --- Deflation --- Energy: Demand and Supply --- Prices --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt Management --- Sovereign Debt --- Corporate Finance and Governance: General --- Monetary Policy --- Macroeconomics --- International economics --- Public finance & taxation --- Banking --- Ownership & organization of enterprises --- Corporate sector --- Energy subsidies --- Economic sectors --- Reserve positions --- Central banks --- Expenditure --- Banks and banking --- Expenditures, Public