Former Yugoslav Republic of Macedonia: Selected Issues for the 2009 Article IV Consultation
January 21, 2010
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This Selected Issues paper assesses the desired level of foreign exchange reserves in the Former Yugoslav Republic of Macedonia, given its commitment to maintain the exchange rate peg. A variety of methods including popular rules of thumb, comparisons with other emerging countries, and model-based estimates suggest a target range of €1.5–2 billion for reserves. The paper also looks at reserve levels that would be implied by popular rules of thumb and at benchmarks suggested by other emerging market countries.
Subject: Conventional peg, Emerging and frontier financial markets, Fiscal stance, Monetary base, Public debt
Keywords: CR, debt ratio, exchange rate, ISCR, monetary policy
Pages:
30
Volume:
2010
DOI:
Issue:
020
Series:
Country Report No. 2010/020
Stock No:
1MKDEA2010002
ISBN:
9781451826173
ISSN:
1934-7685
