External Balance Sheets and the COVID-19 Crisis

The new millennium has witnessed a rapid expansion of external balance sheets and significant changes in the capital, currency and sectoral compositions of foreign assets and liabilities of emerging economies. These have created new channels of transmission of global financial shocks and amplified the susceptibility of the value of their outstanding stocks of gross foreign assets and liabilities to global financial conditions, leading to sizeable wealth transfers between emerging and advanced economies. They have also resulted in significant income transfers in view of negative yield differentials between their gross external assets and liabilities. Altogether, such transfers to advanced economies are estimated to have reached 2.3 per cent of the combined GDP of the G20 emerging economies per annum during 2000–2016.

External balance sheets as countercyclical crisis buffers

International Economics and Economic Policy ◽

10.1007/s10368-017-0406-2 ◽

2017 ◽

Vol 15 (2) ◽

pp. 305-329 ◽

Cited By ~ 3

Author(s):

Joseph P. Joyce

Keyword(s):

Balance Sheets ◽

External Balance

2013 Pilot External Sector Report

Policy Papers ◽

10.5089/9781498341622.007 ◽

2013 ◽

Vol 2013 (54) ◽

Cited By ~ 2

Author(s):

Keyword(s):

Exchange Rates ◽

Global Stability ◽

Capital Flows ◽

Good Position ◽

Balance Sheets ◽

External Balance ◽

Comprehensive Manner ◽

Consistent Assessment ◽

The Stability ◽

External Sector

The IMF’s Second Pilot External Sector Report presents a multilaterally consistent assessment of the largest economies’ external sector positions and policies for 2012-2013 H1. The report integrates the analysis from the Fund’s bilateral and multilateral surveillance to provide a coherent assessment of exchange rates, current accounts, reserves, capital flows, and external balance sheets. The report takes into account feedback received on the previous report by placing a greater emphasis on capital flows and through further refinements to the EBA methodology. Together with the Spillover Report and Article IV consultations (with their heightened focus on spillovers), this Report is part of a continuous effort to ensure the Fund is in a good position to address the possible effects of spillovers from members’ policies on global stability and monitor the stability of members’ external sectors in a comprehensive manner.

EXTERNAL BALANCE SHEETS: CONCEPTS AND EMPIRICAL APPROXIMATION*

Review of Income and Wealth ◽

10.1111/j.1475-4991.1980.tb00156.x ◽

1980 ◽

Vol 26 (3) ◽

pp. 253-291 ◽

Cited By ~ 3

Author(s):

Robert V. Kennedy

Keyword(s):

Balance Sheets ◽

External Balance

The Geographical Composition of National External Balance Sheets: 1980-2005

SSRN Electronic Journal ◽

10.2139/ssrn.1577143 ◽

2010 ◽

Cited By ~ 28

Author(s):

Chris Kubelec ◽

Filipa G. Sa

Keyword(s):

Balance Sheets ◽

External Balance

2014 Pilot External Sector Report

Policy Papers ◽

10.5089/9781498343183.007 ◽

2014 ◽

Vol 2014 (35) ◽

Cited By ~ 3

Author(s):

Keyword(s):

Exchange Rates ◽

Global Stability ◽

Capital Flows ◽

Good Position ◽

Balance Sheets ◽

External Balance ◽

Comprehensive Manner ◽

Consistent Assessment ◽

The Stability ◽

External Sector

The IMF’s third Pilot External Sector Report (ESR) presents a multilaterally consistent assessment of the largest economies’ external sector positions and policies for 2013 and early 2014. The report integrates the analysis from the Fund’s bilateral and multilateral surveillance to provide a coherent assessment of exchange rates, current accounts, reserves, capital flows, and external balance sheets. Together with the Spillover Report and Article IV consultations (with their heightened focus on spillovers), this Report is part of a continuous effort to ensure the Fund is in a good position to address the possible effects of spillovers from members’ policies on global stability and monitor the stability of members’ external sectors in a comprehensive manner.

The long or short of it: Determinants of foreign currency exposure in external balance sheets

Journal of International Economics ◽

10.1016/j.jinteco.2009.09.007 ◽

2010 ◽

Vol 80 (1) ◽

pp. 33-44 ◽

Cited By ~ 37

Author(s):

Philip R. Lane ◽

Jay C. Shambaugh

Keyword(s):

Foreign Currency ◽

Balance Sheets ◽

External Balance ◽

Currency Exposure

The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets

10.3386/w14909 ◽

2009 ◽

Cited By ~ 6

Author(s):

Philip Lane ◽

Jay Shambaugh

Keyword(s):

Foreign Currency ◽

Balance Sheets ◽

External Balance ◽

Currency Exposure

External Balance Sheets as Countercyclical Crisis Buffers

SSRN Electronic Journal ◽

10.2139/ssrn.3155286 ◽

2018 ◽

Author(s):

Joseph P. Joyce

Keyword(s):

Balance Sheets ◽

External Balance

Pilot External Sector Report

Policy Papers ◽

10.5089/9781498340281.007 ◽

2012 ◽

Vol 2012 (6) ◽

Cited By ~ 5

Author(s):

Keyword(s):

Exchange Rates ◽

Capital Flows ◽

Real Exchange Rates ◽

Balance Sheets ◽

New Methods ◽

External Balance ◽

Analytical Work ◽

External Sector

This Pilot External Sector Report (ESR) provides a multilaterally consistent analysis of the external positions of major world economies. Following the recommendations of the 2011 Triennial Surveillance Review and the Managing Director’s Statement on Strengthening Surveillance, the focus of the analysis has been broadened beyond exchange rates to detailed examinations of current accounts, reserves, capital flows, and external balance sheets. It draws upon the Research Department’s past and new methods for assessing current accounts and real exchange rates (see Appendix I), and on previous IMF analytical work on exchange rates, capital flows and measures, and reserves adequacy.