TY - BOOK ID - 84541822 TI - International Reserve Trends in the South Caucasus and Central Asia Region AU - Floerkemeier, Holger. AU - Sumlinski, Mariusz. PY - 2008 SN - 1462386075 1452750106 1283514877 1451913567 9786613827326 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Foreign exchange KW - Finance KW - Econometric models. KW - Caucasus KW - Asia, Central KW - Caucasia KW - Caucasus Mountains KW - Caucasus Region KW - Kavkaz KW - Economic conditions. KW - Banks and Banking KW - Exports and Imports KW - Finance: General KW - Financial Risk Management KW - Foreign Exchange KW - Monetary Policy KW - General Financial Markets: General (includes Measurement and Data) KW - Financial Crises KW - International Lending and Debt Problems KW - Banking KW - Economic & financial crises & disasters KW - International economics KW - Currency KW - International reserves KW - International capital markets KW - Financial crises KW - External debt KW - Foreign exchange reserves KW - Capital market KW - Debts, External KW - Kazakhstan, Republic of UR - https://www.unicat.be/uniCat?func=search&query=sysid:84541822 AB - In recent years, the South Caucasus and Central Asia countries (CCA-6) have received significant foreign exchange inflows. While a healthy reserve buffer is desirable to selfinsure against external crises, holding international reserves also involves costs. We analyze the adequacy of CCA-6 reserves using widely recognized rules of thumb, and simulate optimal reserve levels applying the Jeanne (2007) model. Both the adequacy measures and the model-based simulations indicate that, with the exception of Tajikistan, CCA-6 reserves had increased to broadly comfortable levels by 2006. More recently, reserve adequacy has been tested in Kazakhstan, which has been affected by the 2007 global liquidity crunch. ER -