Assessing Reserve Adequacy in Low-Income Countries: IMF Occasional Paper

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Low-income countries routinely experience sharp swings in the terms of trade, export demand, natural disasters, and volatile financial flows that contribute to higher volatility in aggregate output and consumption compared with other countries. This report presents the findings of an analysis of a range of external shocks faced by these countries, beginning with a discussion of the impact of external shocks on macroeconomic growth, volatility, and welfare.