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2022 Update of the External Balance Assessment Methodology

2023-03-03 Business & Economics
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Release : 2023-03-03
Genre : Business & Economics
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Book Synopsis 2022 Update of the External Balance Assessment Methodology by : Mr. Cian Allen

Download or read book 2022 Update of the External Balance Assessment Methodology written by Mr. Cian Allen. This book was released on 2023-03-03. Available in PDF, EPUB and Kindle. Book excerpt: 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 latest version of the EBA methodology, updated in 2022 with additional refinements to the current account and real exchange rate regression models, as well as updated estimates for other components of the EBA methodology. The paper also includes an assessment of how estimated current account gaps based on EBA are associated with future external adjustment.

External Sector Report 2022

2022-08-04 Business & Economics
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Release : 2022-08-04
Genre : Business & Economics
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Book Synopsis External Sector Report 2022 by : International Monetary Fund. Research Dept.

Download or read book External Sector Report 2022 written by International Monetary Fund. Research Dept.. This book was released on 2022-08-04. Available in PDF, EPUB and Kindle. Book excerpt: Global current account balances—the overall size of current account deficits and surpluses—continued to widen in 2021 to 3.5 percent of world GDP, and are expected to widen again this year. The IMF’s multilateral approach suggests that global excess balances narrowed to 0.9 percent of world GDP in 2021 compared with 1.2 percent of world GDP in 2020. The pandemic has continued to affect economies’ current account balances unevenly through the travel and transportation sectors as well as a shift from services to goods consumption. Commodity prices recovered from the COVID-19 shock and started rising in 2021 with opposite effects on the external position of exporters and importers, a trend that the war in Ukraine is exacerbating in 2022. The medium-term outlook for global current account balances is a gradual narrowing as the impact of the pandemic fades away, commodity prices normalize, and fiscal consolidation in current account deficit economies progresses. However, this outlook is highly uncertain and subject to several risks. Policies to promote external rebalancing differ with positions and needs of individual economies.

Dominant Drivers of Current Account Dynamics

2024-04-26 Business & Economics
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Release : 2024-04-26
Genre : Business & Economics
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Book Synopsis Dominant Drivers of Current Account Dynamics by : Lukas Boer

Download or read book Dominant Drivers of Current Account Dynamics written by Lukas Boer. This book was released on 2024-04-26. Available in PDF, EPUB and Kindle. Book excerpt: We estimate shocks that explain most of the variation in the current account at business cycle frequencies and over the long run. We then explore, using a standard open-economy macro model, which macroeconomic shocks are behind the empirical dominant drivers of the current account at business-cycle frequency. Rather than financial shocks or aggregate shocks to supply or demand, shocks to the relative demand between home and foreign goods are found to play a pivotal role in current account dynamics.

2024 Staff Guidance Note On The IMF’s Engagement With Small Developing States

2024-07-25
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Release : 2024-07-25
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Book Synopsis 2024 Staff Guidance Note On The IMF’s Engagement With Small Developing States by : International Monetary Fund. Strategy, Policy, & Review Department

Download or read book 2024 Staff Guidance Note On The IMF’s Engagement With Small Developing States written by International Monetary Fund. Strategy, Policy, & Review Department. This book was released on 2024-07-25. Available in PDF, EPUB and Kindle. Book excerpt: This guidance note provides operational guidance on the Fund’s engagement with small developing states (SDS). It highlights the unique economic characteristics and constraints facing SDS, notably in a more shock-prone world. Building on advice that applies to the full membership, the note explains how the characteristics of SDS shape Fund surveillance, financial support and program design, capacity development (CD), and collaboration with other institutions and donors. The note updates the previous version that was published in December 2017.

Algeria

2024-04-12 Business & Economics
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Release : 2024-04-12
Genre : Business & Economics
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Book Synopsis Algeria by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book Algeria written by International Monetary Fund. Middle East and Central Asia Dept.. This book was released on 2024-04-12. Available in PDF, EPUB and Kindle. Book excerpt: The Algerian economy was still emerging from the Covid pandemic when it was hit by spillovers from Russia’s war in Ukraine and by recurrent droughts. These shocks fueled inflation while high international hydrocarbon prices also boosted government revenue and exports. Algeria’s economy likely recorded a robust growth in 2023 and the external position remained solid, with a current account surplus for the second year in a row and further accumulation of international reserves. Inflation remains elevated and could become entrenched. The 2023–24 budgets aim at supporting the purchasing power of households but risk depleting the buffers that protect the budget from revenue volatility. Structural reforms are advancing with the enactment of the Monetary and Banking law and the implementation of program budgeting and the 2022 Investment Law. Investment in digitalization would strengthen governance and transparency, reduce corruption risks, and improve service delivery.

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