The External Balance Assessment Methodology: 2018 Update

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...

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Bibliographic Details
Main Author: Cubeddu, Luis
Other Authors: Krogstrup, Signe, Adler, Gustavo, Rabanal, Pau
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2019
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a The External Balance Assessment Methodology: 2018 Update  |c Luis Cubeddu, Signe Krogstrup, Gustavo Adler, Pau Rabanal, Mai Dao, Swarnali Hannan, Luciana Juvenal, Carolina Osorio-Buitron, Cyril Rebillard, Daniel Garcia-Macia, Callum Jones, Jair Rodriguez, Kyun Suk Chang, Deepali Gautam, Zijiao Wang, Nan Li 
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651 4 |a United States 
653 |a International finance 
653 |a Current account 
653 |a Short-term Capital Movements 
653 |a Currency; Foreign exchange 
653 |a Saving and Capital Investment 
653 |a General Financial Markets: Government Policy and Regulation 
653 |a Current Account Adjustment 
653 |a Balance of payments 
653 |a Real effective exchange rates 
653 |a External position 
653 |a Open Economy Macroeconomics 
653 |a Long-term Capital Movements 
653 |a External balance assessment (EBA) 
653 |a Factor Movement 
653 |a Exports and Imports 
653 |a International economics 
653 |a Economic Development: Financial Markets 
653 |a International Financial Markets 
653 |a Foreign Exchange 
653 |a International Policy Coordination and Transmission 
653 |a Capital controls 
653 |a Foreign Exchange Policy 
653 |a Current account balance 
653 |a Development Planning and Policy: Trade Policy 
653 |a Capital movements 
653 |a Foreign exchange 
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700 1 |a Rabanal, Pau 
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520 |a 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