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...