The External Balance Assessment (EBA) Methodology


Steven T Phillips ; Luis Catão ; Luca A Ricci ; Rudolfs Bems ; Mitali Das ; Julian Di Giovanni ; Filiz D Unsal ; Marola Castillo ; Jungjin Lee ; Jair Rodriguez ; Mauricio Vargas

Publication Date:

December 31, 2013

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate


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 between the positive empirical analysis and the normative assessment of current accounts and exchange rates, and highlights the roles of policies and policy distortions. This paper provides a comprehensive description and discussion of the 2013 version (“2.0”) of the EBA methodology, including areas for its further development.


Working Paper No. 2013/272



Publication Date:

December 31, 2013



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