These figures are to be attached to Polterovich and Popov's paper.

Fig. 3.1. Foreign Exchange Reserves as a % of GDP, Average Ratios for 1960-99
Congo, Rep.
USJapanMexicoRussia (1993-99)
India
BrazilUK
PakistanArgentina
Turkey (1968-99)
Germany (1991-99)
Korea, Rep.
FranceIndonesia (1967-99)
Philippines
Italy
Nigeria
China (1977-99)
Egypt
Chile
UAE
Iran(74-99)
Israel
Mauritius
IrelandThailand
KuwaitMalaysia
Saudi Arabia
Libya
HK(90-99)
Singapore
Botswana (1976-99)
10203040%01506070

Fig. 3.2. Share of Gold in Reserves in the World and in the US (%, left scale) and the Ratio of Foreign Exchange Reserves to GDP inthe World (%, right scale)100

10Share of gold in reservesin the US (left scale)

90

9Share of gold in reserves, %80

8Share of gold in reservesin the world (left scale)

70

760
50
40

65Ratio of reserves to GDP(right scale)

430

3Ratio of net reserves (excluding gold) to GDP (right scale)

20

2

10

100
1998

1996

1994

1992

1990

1988

1986

1984

1982

1980

1978

1976

1974

1972

1970

1968

1966

1964

1962

1960

Fig. 3.2a. Average Ratio of Imports to GDP and Average Ratio of Reserves to GDP in 1960-99, %100Lebanon

90Malta80
FER as a % of GDP70Botswana

60Singapore

50

R2 = 0.2611

4030201000204060

80100120140160

180

Import as a % of GDP

Average annual growth rates ofGDP per capita

Fig. 3.3. Average Ratio of Gross International Reserves to GDP and Average Annual Growth
Rates of GDP Per Capita in 1960-99, %,6Botswana

Korea
Japan

4

China

HK

Singapore

Thailand
Malaysia
R2 = 0.2396

2Switzerland
0Sierra-Leone

Venezuela-2020
40
Average ratio of gross international reserves to GDP260

GDP per capita average annual
growth rates in 1960-99

Fig. 3.3a. Average Ratio of FOREX to GDP and GDP Per Capita Growth Rates in 1960-99
4.5
Japan4Ireland

3.5Portugal

3R2 = 0.0001

2.5
21.5
New Zealand

105

Switzerland

1015

20253035

Average ratio of reserves to GDP in 1960-99, %Fig. 3.4. Increase in the Ratio of Gross Foreign Exchange Reserves to GDP and the Ratio ofPPP to Official Exchange Rate in 1975-99, %Ratio of PPP to official
exchange rate

180

Congo, Rep.

160
140120

Switzerland

100

KuwaitSwedenDenmark
NorwaySingapore

80

Saudi Arabia

60

Chile40

Malaysia

Indonesia
GuyanaNicaragua

200-40-30-20-1001020

R2 = 0.0811

30

40

Increase in the ratio of gross foreign exchange reserves to GDP

110
100

FAST RICH 690
80

All countries

70
60

Averagedeveloping

50
40
30

FAST POOR
103

1999

1997

1995

1993

1991

1989

1987

1985

1983

1981

1979

1977

201975

Ratio of official to PPP exchange rate, %120

Fig. 3.5. Ratio of Official to PPP Exchange Rate (LCU per $1) in 1975-99 for Groups of Countries(unweighted average)
AveragedevelopedFig. 3.6. PPP GDP Per Capita in 1999 and the Ratio of Domestic to US Prices of Tradables and Nontradables in 1993, %Ratio of domestic to US prices oftradables and non-tradables, %

200
180

Cloth-dom/US

160

R2 = 0.6582

Health-dom/US

140
120

R2 = 0.723

100
80
60
40
20
00

5000

10000

15000

20000

25000

30000

35000

40000

45000

PPP GDP per capita in 1999, dollars

Fig. 3.7. Increase in the Ratio of Gross International Reserves to GDP, p.p., and Average Ratio ofGross Capital Investment to GDP in 1960-99, %, for ... Countries

Average ratio of gross capital
investment to GDP40Gabon

35Congo,Rep.

30SingaporeAlgeria
Japan

China (est.)
R2 = 0.1353

Guyana2520

Korea
Chile15

Philippines
Sierra-Leone

105-20-1001020

304050607080

Increase in the ratio of gross international reserves to GDP, p.p.

Fig. 3.8. Investment/GDP Ratio and Average Ratio of Foreign Trade to PPP GDP in 1980-99
400

160

Exp/GDP-av60-99

140

Trade/PPPGDP-av80-99

350
300

120

250

100

200

80

15060

R2 = 0.1359

10040

R2 = 0.0611

2050

00515253545

Investment/GDP ratio in 1960-99 and in 1980-9945565

Trade/GDP in 1980-9i9

Export/GDP in 1960-99

180Average annual net inflow of FDI as a % ofGDPFig. 3.9. Increase in the Ratio of FOREX to GDP in 1960-99 and Average Net inflows of FDI as a %of GDP in 1980-99
8R2 = 0.5093

6R2 = 0.2686

420

FDI in 1980-99
FDI in 1990-99-2-4-15-5

51525

35

4555

65

75

Increase in the ratio of FOREX to GDP in 1960-99, p.p.

Fig. 3.10. Reserves/GDP Ratios and GDP Per Capita Growth Rates for 12 Fastest Developing
Economies in 1975-99, Unweighted Average, % ("0" is the year of take-off)1035
GDP growth rates(actual and 5-year
moving average),left scale

86Reserves/GDP ratios,
right scale425

2

FDI inflow, % of GDP,
left scale

0-5 -4 -3 -2 -1

012345678-620

9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25-2-4

30

15External balance,% of GDP, left scale

-8

1055

Fig. 3. 11. Average Real Exchange Rate Versus the US $ (Year 12 = 100%) in Fast Growing
Developing Economies, Year "0" Denotes the Point of Take-off
250

Botswana
China
India
Korea, Rep.
Mauritius
Sri Lanka
FAST POOR

230
210190170

ChileEgypt, Arab Rep.
Indonesia
Malaysia
Singapore
Thailand150
130110907050-5 -4 -3 -2 -1

1700123456789 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25Fig. 3. 12. Average Real Exchange Rate Versus the US $ (Year 12 = 100%), Trade Balance and Net
Inflow of FDI as a % of GDP in 12 Fast Growing Developing Economies, Year "0" Denotes the Pointof Take-off

160

RER, left scale

64150

FDI, right scale

140
130

20120-2110
100-4

Trade balance, 3-year movingaverage, right scale

90-68070-8-5 -4 -3 -2 -1 0123456789 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 256