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Methodological Note on EBA-Lite

2016-08-02 Business & Economics
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Release : 2016-08-02
Genre : Business & Economics
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Book Rating : 030/5 ( reviews)

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Book Synopsis Methodological Note on EBA-Lite by : International Monetary Fund. Strategy, Policy, & Review Department

Download or read book Methodological Note on EBA-Lite written by International Monetary Fund. Strategy, Policy, & Review Department. This book was released on 2016-08-02. Available in PDF, EPUB and Kindle. Book excerpt: The Fund has taken important steps to enhance its external sector assessments since the launch of the External Balance Assessment (EBA) methodology and the External Sector Report (ESR) in 2012, which provides a multilaterally consistent assessment of the largest economies’ external sector positions and policies. With scope for strengthening external sector assessments of non-EBA countries, the 2014 Triennial Surveillance Review (TSR) called for the application of EBA’s conceptual innovations to a broader set of countries. Following the 2014 TSR, the Managing Director’s Action Plan proposed developing EBA-lite to extend the EBA methodology to a broader group of countries where adequate data is available. In the fall of 2014, the launch of the EBA-lite methodology for current account assessments provided the first extension of EBA approach for non-EBA countries. In summer 2015, the real exchange rate index model and the external sustainability approach were added to the EBA-lite framework. This note serves as a reference for the EBA-lite methodology. It provides: (i) motivations for developing EBA-lite and guidance for its use; (ii) technical explanations of all three EBA-lite approaches; and (iii) suggestions on how to articulate staff assessments of the external sector informed by model results.

The Revised EBA-Lite Methodology

2019-07-03 Business & Economics
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Release : 2019-07-03
Genre : Business & Economics
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Book Rating : 398/5 ( reviews)

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Book Synopsis The Revised EBA-Lite Methodology by : International Monetary Fund. Strategy, Policy, & Review Department

Download or read book The Revised EBA-Lite Methodology written by International Monetary Fund. Strategy, Policy, & Review Department. This book was released on 2019-07-03. Available in PDF, EPUB and Kindle. Book excerpt: The Methodology review identified three broad areas for improving the EBA-Lite methodology: (1) expanding the fundamentals and policy determinants in the CA and REER regressions to better capture the external balance of EBA-Lite countries; (2) identifying alternatives to regression models for external assessments of large exporters of exhaustible commodities; and (3) a revised approach for the assessment of external sustainability in highly indebted economies. Accordingly, the revised methodology consists of three modules: 1) Regression Module 2) Module for External Assessments of Exporters of Exhaustible Commodities 3) Module for the Assessment of External Sustainability

Romania

2016-05-11 Business & Economics
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Release : 2016-05-11
Genre : Business & Economics
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Book Rating : 150/5 ( reviews)

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Book Synopsis Romania by : International Monetary Fund. European Dept.

Download or read book Romania written by International Monetary Fund. European Dept.. This book was released on 2016-05-11. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses recent economic developments, outlook, and risks related to the Romanian economy. Romania made important progress in addressing economic imbalances and restoring growth after the global financial crisis. Prudent policies, partly in the context of successive IMF-supported programs, reduced vulnerabilities, and the fiscal and current account deficits improved markedly. However, economic policies have weakened recently and hard-won gains are at risk of being reversed. Governance problems have received more attention recently, and Romania has made progress compared to its peers in the fight against corruption. Staff’s baseline projection is for growth to remain above potential in 2016–17.

IMF Exchange Rate Policy Advice

2017-12-27 Business & Economics
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Release : 2017-12-27
Genre : Business & Economics
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Book Rating : 761/5 ( reviews)

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Book Synopsis IMF Exchange Rate Policy Advice by : Louellen Stedman

Download or read book IMF Exchange Rate Policy Advice written by Louellen Stedman. This book was released on 2017-12-27. Available in PDF, EPUB and Kindle. Book excerpt: This report is the seventh in a series of evaluation updates by the Independent Evaluation Office of the IMF (IEO) that return to past IEO evaluations and assess the continuing relevance of their main conclusions. The report revisits the 2007 evaluation of IMF Exchange Rate Policy Advice, which found that the IMF was “not as effective as it needed to be” in fulfilling its responsibilities for exchange rate surveillance in the period 1999–2005. While acknowledging the inherent complexity of providing exchange rate policy advice, including the lack of professional consensus on many of the key issues, the evaluation observed serious weaknesses in the IMF’s work on key analytical issues and in its engagement with members. The update finds that the IMF has substantially overhauled its approach to exchange rate policy advice since 2007. Key steps taken include: adoption of a more comprehensive approach to exchange rate surveillance under the 2012 Integrated Surveillance Decision; development of enhanced analytical tools; a new institutional view on capital flows; and introduction of the annual External Sector Report that provides an integrated picture of the external balances of major economies. The IMF continues to work on further enhancements of its approach. Nonetheless, the update concludes that challenges remain that impact the effectiveness of the IMF’s work in an area central to its mandate. The approach for assessing external balances and exchange rates continues to be contentious, in part reflecting differing views across the membership about the process of external adjustment. There are also ongoing questions in other areas, including considerations for exchange rate regime choice, attention to policy spillovers, the institutional view on capital flows, and data availability. The update suggests that the persistence of key issues identified in 2007 merits a full evaluation by the IEO.

Cyprus

2019-12-09 Business & Economics
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Release : 2019-12-09
Genre : Business & Economics
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Book Rating : 035/5 ( reviews)

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Book Synopsis Cyprus by : International Monetary Fund. European Dept.

Download or read book Cyprus written by International Monetary Fund. European Dept.. This book was released on 2019-12-09. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation with Cyprus discusses that following a period of very rapid growth in the aftermath of the economic crisis, growth is gradually settling in at a more sustainable but still relatively robust pace despite the external slowdown. Output is projected to rise by around 3 percent in 2019–20, supported by construction and services sectors. Good progress has been made in addressing domestic and external stability risks arising from legacies of the financial crisis. Sales of nonperforming loans (NPLs), amendments to the foreclosure and insolvency framework and resolution of a large systemic bank have helped strengthen bank balance sheets. Reversal of reforms to the foreclosure framework would hinder ongoing NPL resolution efforts and create risks for financial stability. Realization of contingent liabilities from the still weak banking sector or increased fiscal spending pressures could undermine investor confidence, raising interest costs and depressing growth. Cyprus needs to build on recent gains by advancing reforms to secure macroeconomic stability, enhance efficiency and strengthen productivity and growth potential.

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