Pilot External Sector Report

Policy Papers ◽  
2012 ◽  
Vol 2012 (6) ◽  
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.

2013 Pilot External Sector Report

Policy Papers ◽  
2013 ◽  
Vol 2013 (54) ◽  
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.

2014 Pilot External Sector Report

Policy Papers ◽  
2014 ◽  
Vol 2014 (35) ◽  
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.

scholarly journals External Sector Report, July 2018

2018 ◽  
Vol 18 (07) ◽  
pp. 1
Author(s):  
Keyword(s):  
Exchange Rates ◽  
Capital Flows ◽  
Trade Costs ◽  
Global Imbalances ◽  
Balance Sheets ◽  
External Balance ◽  
Analytical Assessment ◽  
Policy Barriers ◽  
Consistent Assessment ◽  
External Sector

The External Sector Report presents a methodologically consistent assessment of the exchange rates, current accounts, reserves, capital flows, and external balance sheets of the world’s largest economies. The 2018 edition includes an analytical assessment of how trade costs and related policy barriers drive excess global imbalances.

scholarly journals International Liquidity and Exchange Rate Dynamics *

2015 ◽  
Vol 130 (3) ◽  
pp. 1369-1420 ◽  
Author(s):  
Xavier Gabaix ◽  
Matteo Maggiori
Keyword(s):  
Exchange Rate ◽  
Financial Markets ◽  
Exchange Rates ◽  
Capital Flows ◽  
Risk Sharing ◽  
Market Model ◽  
International Liquidity ◽  
Balance Sheets ◽  
Macroeconomic Analysis ◽  
International Pricing

Abstract We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such alterations to their balance sheets cause financiers to change their required compensation for holding currency risk, thus affecting both the level and volatility of exchange rates. Our theory of exchange rate determination in imperfect financial markets not only helps rationalize the empirical disconnect between exchange rates and traditional macroeconomic fundamentals, it also has real consequences for output and risk sharing. Exchange rates are sensitive to imbalances in financial markets and seldom perform the shock absorption role that is central to traditional theoretical macroeconomic analysis. Our framework is flexible; it accommodates a number of important modeling features within an imperfect financial market model, such as nontradables, production, money, sticky prices or wages, various forms of international pricing-to-market, and unemployment.

scholarly journals EQUILIBRIUM REAL EXCHANGE RATES AND CAPITAL FLOWS IN TUNISIA

2019 ◽  
Vol 9 (6) ◽  
pp. 232-240
Author(s):  
Hadhek Zouhaier ◽  
Sakli Hniya ◽  
Mosbah Lafi
Keyword(s):  
Exchange Rates ◽  
Capital Flows ◽  
Real Exchange Rates

scholarly journals Capital flows and real exchange rates in emerging Asian countries

2013 ◽  
Vol 24 ◽  
pp. 138-146 ◽  
Author(s):  
Juthathip Jongwanich ◽  
Archanun Kohpaiboon
Keyword(s):  
Exchange Rates ◽  
Capital Flows ◽  
Real Exchange Rates ◽  
Asian Countries

2014 Pilot External Sector Report - Individual Economy Assessments

Policy Papers ◽  
2014 ◽  
Vol 2014 (34) ◽  
Author(s):  
Keyword(s):  
Exchange Rates ◽  
Current Account ◽  
Real Exchange Rates ◽  
International Reserves ◽  
Balance Assessment ◽  
Assessment Approach ◽  
External Sector ◽  
Individual Economy ◽  
Current Account Balances

The external sector assessments use a range of methods and metrics, including the External Balance Assessment approach developed by the IMF’s Research Department to estimate desirable levels of current account balances and real exchange rates (Box 3 of the 2014 Pilot External Sector Report discusses the use of this methodology). The overall assessments of external positions are based on the judgment of IMF staff drawing on the inputs provided by these model estimates and other analysis, including assessment of international reserves holdings, while taking account of relevant uncertainties. The assessments, which are multilaterally consistent, highlight the role of policies in shaping external positions.

2013 Pilot External Sector Report - Individual Economy Assessments

Policy Papers ◽  
2013 ◽  
Vol 2013 (55) ◽  
Author(s):  
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Real Exchange Rates ◽  
Reference Period ◽  
Balance Assessment ◽  
Policy Responses ◽  
Wide Range ◽  
External Sector ◽  
Individual Economy ◽  
Current Account Balances

The external sector assessments use a wide range of methods, including the External Balance Assessment developed by the IMF’s Research Department to estimate desired current account balances and real exchange rates (Boxes 6, 7 and Annex III of the Pilot Report describe the methodology and challenges). In all cases, the overall assessment is based on the judgment of IMF staff drawing on the inputs provided by these model estimates and other analysis and the estimates are subject to uncertainty. The assessments were initially based on the Spring 2013 WEO and an exchange rate reference period of the average of 2012. Potential policy responses are those which would work to reduce imbalances.

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