2014 Pilot External Sector Report - Individual Economy Assessments

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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2015 External Sector Report - Individual Economy Assessments

Policy Papers ◽

10.5089/9781498344357.007 ◽

2015 ◽

Vol 2015 (35) ◽

Cited By ~ 1

Author(s):

Keyword(s):

Current Account ◽

Real Exchange Rates ◽

Real Effective Exchange Rate ◽

Working Paper ◽

Wide Range ◽

Effective Exchange ◽

The Individual ◽

External Sector ◽

Individual Economy ◽

Effective Exchange Rate

The external sector assessments use a wide range of methods, including the External Balance Assessment (EBA) developed by the IMF’s Research Department to estimate desired current account balances and real exchange rates (see Annex I of the 2015 External Sector Report, also IMF Working Paper WP/13/272 for a complete description of the EBA methodology). 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 discuss a broad range of external indicators: the current account, the real effective exchange rate, capital and financial accounts flows and measures, FX intervention and reserves and the foreign asset or liability position. The individual economy assessments are discussed with the respective authorities as a part of bilateral surveillance.

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Before the Fall

Europe's Orphan ◽

10.23943/princeton/9780691175942.003.0002 ◽

2017 ◽

Author(s):

Martin Sandbu

Keyword(s):

Interest Rate ◽

Exchange Rates ◽

Monetary Union ◽

Current Account ◽

Real Exchange Rates ◽

Central Banks ◽

Current Account Deficits ◽

Nominal Exchange Rates ◽

European Economies

This chapter discusses the role of Europe's monetary union in creating a crisis that first erupted in US mortgages. Because of their monetary union, European economies racked up greater risks in the 2000s boom than they would have done had they kept their individual currencies. The factors invoked to blame the euro include the destabilising effect of a single interest rate for the entire eurozone; the misalignment of real exchange rates when nominal exchange rates could no longer adjust; the ability to run current account deficits that were too large and lasted too long; and, finally, the fact that debt was accumulated in a currency that could not be printed at will by national central banks. The chapter argues that all these factors have been commonly misunderstood.

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2017 External Sector Report Individual Economy Assessments

Policy Papers ◽

10.5089/9781498346603.007 ◽

2017 ◽

Vol 2017 (46) ◽

Cited By ~ 2

Author(s):

Keyword(s):

Current Account ◽

Real Exchange Rates ◽

Real Effective Exchange Rate ◽

Working Paper ◽

Wide Range ◽

Effective Exchange ◽

The Individual ◽

External Sector ◽

Individual Economy ◽

Effective Exchange Rate

The external sector assessments use a wide range of methods, including the External Balance Assessment (EBA) developed by the IMF’s Research Department to estimate desired current account balances and real exchange rates (see IMF Working Paper WP/13/272 for a complete description of the EBA methodology and Annex I of the 2015 External Sector Report for a discussion of more recent refinements). 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. Since estimates are subject to uncertainty, overall assessments are presented in ranges. The external sector assessments are based on data and IMF staff projections as of June 15th, 2017. The external assessments discuss a broad range of external indicators: the current account, the real effective exchange rate, capital and financial accounts flows and measures, FX intervention and reserves and the foreign asset or liability position.[1] The individual economy assessments are discussed with the respective authorities as a part of bilateral surveillance.

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2016 External Sector Report - Individual Economy Assessments

Policy Papers ◽

10.5089/9781498345521.007 ◽

2016 ◽

Vol 2016 (4) ◽

Author(s):

Keyword(s):

Current Account ◽

Real Exchange Rates ◽

Real Effective Exchange Rate ◽

Working Paper ◽

Wide Range ◽

Effective Exchange ◽

The Individual ◽

External Sector ◽

Individual Economy ◽

Effective Exchange Rate

The external sector assessments use a wide range of methods, including the External Balance Assessment (EBA) developed by the IMF’s Research Department to estimate desired current account balances and real exchange rates (see Annex I of the 2015 External Sector Report, also IMF Working Paper WP/13/272 for a complete description of the EBA methodology). 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 discuss a broad range of external indicators: the current account, the real effective exchange rate, capital and financial accounts flows and measures, FX intervention and reserves and the foreign asset or liability position. The individual economy assessments are discussed with the respective authorities as a part of bilateral surveillance.

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Current account balances in Central America 1974–1984: external and domestic influences

Journal of Latin American Studies ◽

10.1017/s0022216x00017156 ◽

1987 ◽

Vol 19 (1) ◽

pp. 87-111 ◽

Cited By ~ 1

Author(s):

William Loehr

Keyword(s):

Exchange Rates ◽

Interest Rates ◽

Current Account ◽

Real Exchange Rates ◽

Developed Countries ◽

Central American ◽

Budget Deficits ◽

External Variables ◽

The Developed Countries ◽

Current Account Balances

SummaryThis paper examines the sensitivity of current account balances to several important variables. Variables are classified as external and domestic. External variables are those over which Central American countries have little or no control. In this study external variables are real interest rates in world capital markets, the terms of trade, and growth in the developed countries. Low real interest rates, improved terms of trade and rapid growth in the developed countries would be expected to improve current account balances. Domestic variables include budget deficits and real exchange rates. These are factors over which Central American countries do have control. Budget deficits and appreciations of real exchange rates can be expected to cause deteriorations in current account balances.

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