01497cas a2200241 a 4500 AALejournalIMF003218 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451858785 1018-5941 BD-DhAAL BD-DhAAL Lee, Jaewoo. Insurance Value of International Reserves : An Option Pricing Approach / Jaewoo Lee. Washington, D.C. : International Monetary Fund, 2004. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students A quantitative framework is developed to bring forward the insurance motive of holding international reserves. The insurance value of reserves is quantified as the market price of an equivalent option that provides the same insurance coverage as the reserves. This quantitative framework is applied to calculating the cost of a regional insurance arrangement (e.g., an Asian Monetary Fund) and to analyzing one leg of an optimal reserve-holding decision. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2004/175 Full text available on IMF http://elibrary.imf.org/view/journals/001/2004/175/001.2004.issue-175-en.xml IMF e-Library