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Productivity Shocks, Learning, and Open Economy Dynamics

Miniane, Jacques Alain - 2006

I study the implications of productivity shocks in a model where agents observe the aggregate level of productivity but … those under full information and are in line with several empirical findings: (i) the response of investment to a permanent … shock is sluggish and peaks with delay; (ii) permanent shocks generate positive rather than negative savings on impact; and …

Persistent link: https://www.econbiz.de/10012783176

External Imbalances in the Euro Area

Chen, Ruo - 2014

-à-vis the rest of the world –in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external … the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of …

Persistent link: https://www.econbiz.de/10013063950

Optimal Reserves in Financially Closed Economies

Jeanne, Olivier - 2016

Financially closed economies insure themselves against current-account shocks using international reserves. We characterize the optimal management of reserves using an open-economy model of precautionary savings and emphasize several results. First, the welfare-based opportunity cost of reserves...

Persistent link: https://www.econbiz.de/10012977747

Are African Current Account Deficits Different? Stylized Facts, Transitory Shocks, and Decomposition Analysis

Calderón, César A.; Chong, Alberto; Zanforlin, Luisa - 2021

This paper analyzes the behavior of current account deficits in Africa and estimates whether the deficits are excessive with respect to fundamentals. The findings are that deficits are (i) not very persistent; (ii) positively linked with domestic growth; (iii) strongly linked with public (and...

Persistent link: https://www.econbiz.de/10013317980

The External Balance Assessment Methodology : 2018 Update

Cubeddu, Luis - 2019

The assessment of external positions and exchange rates is a key mandate of the IMF. This paperpresents the updated External Balance Assessment (EBA) framework-a key input in the conduct ofmultilaterally-consistent external sector assessments of 49 advanced and emerging marketeconomies-following...

Persistent link: https://www.econbiz.de/10012888758

Global Imbalances and External Adjustment after the Crisis

Lane, Philip R. - 2014

This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external...

Persistent link: https://www.econbiz.de/10013047971

The External Balance Assessment (EBA) Methodology

Phillips, Steven T. - 2014

The External Balance Assessment (EBA) methodology has been developed by the IMF's Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing...

Persistent link: https://www.econbiz.de/10013059857

External Imbalances and Financial Crises

Taylor, Alan M. - 2014

Consider two views of the global financial crisis. One view looks across the border: it blames external imbalances, the unprecedented current account deficits and surpluses in recent years. Another view looks within the border: it faults domestic financial systems where risks originated in...

Persistent link: https://www.econbiz.de/10013060542

The Level Reer Model in the External Balance Assessment (EBA) Methodology

Mano, Rui - 2019

This paper offers an empirical model of the drivers of the level of the Real Effective Exchange Rate (REER) that is now part of the IMF's methodology for the assessment of external positions, including exchange rates. It constructs a measure of the level of the REER and it offers a panel...

Persistent link: https://www.econbiz.de/10012860991

2022 Update of the External Balance Assessment Methodology

Allen, Cian; Casas, Camila; Ganelli, Giovanni; Juvenal, … - 2023

The assessment of external positions and exchange rates of member countries is a key mandate of the IMF. The External Balance Assessment (EBA) methodology has provided the framework for conducting external sector assessments by Fund staff since its introduction in 2012. This paper provides the...

Persistent link: https://www.econbiz.de/10014256592