This paper examines external adjustment in the United States, Japan and Germany from the perspective of net foreign asset positions. It asks two questions: What are, in the long run, the determinants of net foreign asset equilibrium? and: What are, in the short run, some of the adjustment...

This paper assesses the usefulness of summary measures of fiscal sustainability for the purpose of multilateral surveillance. An overview of the main conceptual issues is first presented. Next, an assessment is made of the strengths and weaknesses of the summary measures in the context of their...

Internationale Reserve- und Liquiditätshaltung: Eine Neubewertung Dieser Artikel enthält eine Neubewertung der Literatur auf dem Gebiet der internationalen Währungsreserve- und Liquiditätshaltung in der doppelten Perspektive der mikroökonomischen Finanzaggregationstheorie und der...

En el presente documento se evaluacute;a la utilidad de las medidas esquemaacute;ticas de la sostenibilidad fiscal a los efectos de la supervisioacute;n multilateral. En primer lugar, se presenta un panorama general de los principales aspectos conceptuales. Luego se evaluacute;an los aspectos...

This paper studies issues relating to the evolution of exchange rate regimes. Empirical regularities concerning the variation over time of real and monetary disturbances and cross-country inflation differentials are first discussed. The paper then develops a model that incorporates these...

This paper analyzes the main conceptual issues that arise in assessing external sustainability with a view toward developing operational criteria for the purposes of multilateral surveillance. The main contribution of the analysis is to show how conditional forecasts of external imbalance may be...