How much should I hold? : reserve adequacy in emerging markets and small islands

Nkunde Mwase

This paper investigates the drivers of reserves in emerging markets (EMs) and small island (SIs) and develops an operational metric for estimating reserves in SIs taking into account their unique characteristics. It uses quantile regression techniques to allow the estimated factors driving reserves holdings to vary along the reserves' holding distribution and tests for equality among the slope coefficients of the various quantile regressions and the overall models. F-tests comparing the inter-quantile differences could not reject the null that the models for the different quantiles of SIs rese

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Year of publication:	2012
Authors:	Mwase, Nkunde
Publisher:	Washington, DC : Internat. Monetary Fund
Subject:	Währungsreserven \| Foreign exchange reserves \| Schwellenländer \| Emerging economies \| Insel \| Island