{
  "title": "International Reserves in Low Income Countries: Have they Served As Buffers?",
  "publication": "IMF Working Papers, January 1, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/international-reserves-in-low-income-countries-have-they-served-as-buffers-25573",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/31/international-reserves-in-low-income-countries-have-they-served-as-buffers-25573",
  "overlayPath": "/en/publications/wp/issues/2016/12/31/international-reserves-in-low-income-countries-have-they-served-as-buffers-25573/index.md",
  "summary": "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.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- 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.\n- 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."
    },
    {
      "heading": "Key findings",
      "content": "- International reserves have served as a buffer against large external shocks in low-income countries over the last three decades.\n- The macroeconomic costs associated with using reserves to buffer shocks vary with:\n  - the nature of the shock;\n  - the economy's structural characteristics;\n  - the level of reserves.\n\n---\n\n Content in this bundle\n\n- wp1207\n  - wp1207 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp1207 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/international-reserves-in-low-income-countries-have-they-served-as-buffers-25573"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/31/international-reserves-in-low-income-countries-have-they-served-as-buffers-25573/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/31/international-reserves-in-low-income-countries-have-they-served-as-buffers-25573/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/31/international-reserves-in-low-income-countries-have-they-served-as-buffers-25573/bundle-manifest.json)",
    "Published: January 1, 2012",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781463930561.001",
    "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.",
    "International reserves have served as a buffer against large external shocks in low-income countries over the last three decades.",
    "The macroeconomic costs associated with using reserves to buffer shocks vary with:",
    "**_wp1207**"
  ],
  "related": [
    {
      "title": "_wp1207",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2012/_wp1207.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2012/_wp1207.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2012/_wp1207.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/31/international-reserves-in-low-income-countries-have-they-served-as-buffers-25573/index.md",
    "json": "/en/publications/wp/issues/2016/12/31/international-reserves-in-low-income-countries-have-they-served-as-buffers-25573/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/31/international-reserves-in-low-income-countries-have-they-served-as-buffers-25573/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-17T16:48:21.767Z"
}