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Eugen Tereanu

motive in the face of shocks to the terms of trade, foreign demand for exports, and foreign transfers (official aid and remittances). 7 We apply the models of Barnichon (2009) and Valencia (2010) to complement a traditional analysis of reserve adequacy using rule-of-thumb thresholds for reserve coverage in months of imports. Our results suggest that international reserves holdings in The Gambia are broadly aligned with macroeconomic risks, with import coverage indicators generally varying between 4.5 months and 7 months of imports. The robustness analysis