01585cas a2200241 a 4500 AALejournalIMF010469 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451856347 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. Reserve Adequacy in Emerging Market Economics. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (49 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 This paper analyzes reserve adequacy in emerging market countries. It argues that the old rule of thumb of maintaining reserves equivalent to three months of imports has become obsolete and that, instead, a new benchmark is needed which takes into account the increased importance of capital flows. The paper suggests such a benchmark, consisting of the sum of short-term debt on a residual maturity basis (the external drain) and an allowance for possible capital flight (the internal drain), taking into account differences in country risk and exchange rate regime. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2001/143 Full text available on IMF http://elibrary.imf.org/view/journals/001/2001/143/001.2001.issue-143-en.xml IMF e-Library