The External Balance Assessment Eba Methodology
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The External Balance Assessment Eba Methodology
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Author : Mr.Steven Phillips
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-31
The External Balance Assessment Eba Methodology written by Mr.Steven Phillips and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-31 with Business & Economics categories.
The External Balance Assessment (EBA) methodology has been developed by the IMF’s Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing between the positive empirical analysis and the normative assessment of current accounts and exchange rates, and highlights the roles of policies and policy distortions. This paper provides a comprehensive description and discussion of the 2013 version (“2.0”) of the EBA methodology, including areas for its further development.
The External Balance Assessment Methodology 2018 Update
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Author : Mr.Luis M. Cubeddu
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-19
The External Balance Assessment Methodology 2018 Update written by Mr.Luis M. Cubeddu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-19 with Business & Economics categories.
The assessment of external positions and exchange rates is a key mandate of the IMF. This paper presents the updated External Balance Assessment (EBA) framework—a key input in the conduct of multilaterally-consistent external sector assessments of 49 advanced and emerging market economies—following the two rounds of refinements adopted since the framework was introduced in 2012 (as described in Phillips et al., 2013). It also presents new complementary tools for shedding light on the role of structural factors in explaining external imbalances and assessing potential biases in the measurement of external positions. Remaining challenges and areas of future work are also discussed.
2022 Update Of The External Balance Assessment Methodology
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Author : Mr. Cian Allen
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-03
2022 Update Of The External Balance Assessment Methodology written by Mr. Cian Allen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-03 with Business & Economics categories.
The assessment of external positions and exchange rates of member countries is a key mandate of the IMF. The External Balance Assessment (EBA) methodology has provided the framework for conducting external sector assessments by Fund staff since its introduction in 2012. This paper provides the latest version of the EBA methodology, updated in 2022 with additional refinements to the current account and real exchange rate regression models, as well as updated estimates for other components of the EBA methodology. The paper also includes an assessment of how estimated current account gaps based on EBA are associated with future external adjustment.
The Level Reer Model In The External Balance Assessment Eba Methodology
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Author : Rui Mano
language : en
Publisher: International Monetary Fund
Release Date : 2019-09-13
The Level Reer Model In The External Balance Assessment Eba Methodology written by Rui Mano and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-13 with Business & Economics categories.
This paper offers an empirical model of the drivers of the level of the Real Effective Exchange Rate (REER) that is now part of the IMF’s methodology for the assessment of external positions, including exchange rates. It constructs a measure of the level of the REER and it offers a panel regression that considers a large number of cross-sectional and time varying factors, guided by the extensive literature. Its main contribution is to enhance our understanding of the cross-sectional determinants of the level of the REER, while taking into account the time-series drivers. The framework accounts for the much larger cross-sectional variation of the level REER, and can better explain the time series variation of level REER when these are based on GDP-deflators rather than on consumer price indices. The latter suggest there may be merits to broadening the assessments to include such measures, although further analysis is required.
External Assessments In Special Cases
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Author : Anna Ter-Martirosyan
language : en
Publisher: International Monetary Fund
Release Date : 2014-01-17
External Assessments In Special Cases written by Anna Ter-Martirosyan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-17 with Business & Economics categories.
External Assessments in Special Cases presents the pilot External Balances Assessment methodology developed by IMF staff for estimating current account and exchange rate gaps for a group of advanced and emerging market economies, and discusses modifications to take account of special cases. Different approaches to external assessments for countries with special circumstances are evaluated, and some tools presented that could be used to inform sound judgment on the part of those conducting such assessments.
Imf Exchange Rate Policy Advice
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Author : Louellen Stedman
language : en
Publisher: International Monetary Fund
Release Date : 2017-12-27
Imf Exchange Rate Policy Advice written by Louellen Stedman and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-27 with Business & Economics categories.
This report is the seventh in a series of evaluation updates by the Independent Evaluation Office of the IMF (IEO) that return to past IEO evaluations and assess the continuing relevance of their main conclusions. The report revisits the 2007 evaluation of IMF Exchange Rate Policy Advice, which found that the IMF was “not as effective as it needed to be” in fulfilling its responsibilities for exchange rate surveillance in the period 1999–2005. While acknowledging the inherent complexity of providing exchange rate policy advice, including the lack of professional consensus on many of the key issues, the evaluation observed serious weaknesses in the IMF’s work on key analytical issues and in its engagement with members. The update finds that the IMF has substantially overhauled its approach to exchange rate policy advice since 2007. Key steps taken include: adoption of a more comprehensive approach to exchange rate surveillance under the 2012 Integrated Surveillance Decision; development of enhanced analytical tools; a new institutional view on capital flows; and introduction of the annual External Sector Report that provides an integrated picture of the external balances of major economies. The IMF continues to work on further enhancements of its approach. Nonetheless, the update concludes that challenges remain that impact the effectiveness of the IMF’s work in an area central to its mandate. The approach for assessing external balances and exchange rates continues to be contentious, in part reflecting differing views across the membership about the process of external adjustment. There are also ongoing questions in other areas, including considerations for exchange rate regime choice, attention to policy spillovers, the institutional view on capital flows, and data availability. The update suggests that the persistence of key issues identified in 2007 merits a full evaluation by the IEO.
2014 Triennial Surveillance Review Review Of Imf Surveillance Products
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2014-07-30
2014 Triennial Surveillance Review Review Of Imf Surveillance Products written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-30 with Business & Economics categories.
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The External Balance Assessment Methodology 2018 Update
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Author : Mr.Luis M. Cubeddu
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-19
The External Balance Assessment Methodology 2018 Update written by Mr.Luis M. Cubeddu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-19 with Business & Economics categories.
The assessment of external positions and exchange rates is a key mandate of the IMF. This paper presents the updated External Balance Assessment (EBA) framework—a key input in the conduct of multilaterally-consistent external sector assessments of 49 advanced and emerging market economies—following the two rounds of refinements adopted since the framework was introduced in 2012 (as described in Phillips et al., 2013). It also presents new complementary tools for shedding light on the role of structural factors in explaining external imbalances and assessing potential biases in the measurement of external positions. Remaining challenges and areas of future work are also discussed.
2015 External Sector Report
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2015-06-29
2015 External Sector Report written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-29 with Business & Economics categories.
After narrowing modestly in 2013, the global scale of current account imbalances, and of excess imbalances, held steady in 2014. Over the last several years, while the country composition of imbalances has rotated somewhat, overall there has been little progress on reducing excess imbalances. Excess deficits narrowed in some cases, but widened in others; progress on reducing excess surpluses has stalled. An unfinished policy agenda to reduce excess imbalances remains. Efforts by both surplus and deficit economies would be mutually reinforcing and support growth. Several significant recent developments will affect external positions in 2015: sharply lower oil prices, cyclical divergence and different monetary policies among the major economies, and related currency movements. Those developments do not overturn the previous pattern of excess imbalances and associated policy agenda, but they will have significant effects and raise new issues.
Guidance Note For Surveillance Under Article Iv Consultations
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2022-06-23
Guidance Note For Surveillance Under Article Iv Consultations written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-23 with Business & Economics categories.
This Guidance Note provides guidance to country teams for surveillance under Article IV consultations. It supersedes the 2015 Guidance Note and its supplement. Fund surveillance continuously adapts to the evolving economic and financial landscape. The 2021 Comprehensive Surveillance Review (CSR) identified priorities for Fund surveillance, both in terms of content and modalities. This Guidance Note covers: Scope and requirements: The note lays out the coverage of, and formal requirements for, Article IV consultations and staff reports. It also outlines best practices aimed at enhancing the traction of Fund analysis and policy advice. Priorities and focus. The note reflects the four surveillance priorities identified in the CSR: (i) confronting risks and uncertainties, (ii) preempting and mitigating spillovers, (iii) ensuring economic sustainability, and (iv) adopting a more unified approach to policy advice. The note also provides guidance on sharpening the focus and selectivity of Article IV staff reports. Policies. The note discusses the content of surveillance in the areas of fiscal policy, macrofinancial analysis and financial policies, monetary policy, external sector policies, and macrostructural policies. Applications. The note considers several applications of such policies, such as with respect to the Integrated Policy Framework, climate change, and gender. Process and procedures. The note describes the Article IV consultation cycle and process, lays out drafting and publication guidelines for staff reports, and covers the treatment of confidential information.