2019 External Sector Report: The Dynamics of External Adjustment
Source details
- Canonical URL
- 2019 External Sector Report: The Dynamics of External Adjustment
Other formats
Bibliographic details
- Published: July 3, 2019
Overview and Key Findings
- After narrowing sharply in the aftermath of the global financial crisis, overall current account surpluses and deficits reached 3 percent of world GDP in 2018.
- Overall current account surpluses and deficits declined marginally while rotating toward advanced economies in recent years.
- The IMF’s multilateral approach suggests that about 35–45 percent of overall current account surpluses and deficits were deemed excessive in 2018.
Report Structure and Focus Areas
- Full Report and Executive Summary present integrated findings on global external positions, outlook, and risks.
- Chapter 1: External Positions and Policies — presents evolution, outlook, and risks from global external positions and summarizes external assessments of a globally representative set of economies for 2018.
- Chapter 2: Exchange Rates and External Adjustment — explores how dominant currency pricing and international integration through global value chains shape the working of exchange rates to induce external adjustment.
- Chapter 3: 2018 Individual Economy Assessments — uses a wide range of methods to form an integrated and multilaterally consistent view on economies’ external sector positions; detailed individual economy assessments for 2018 are provided here.
- Technical Note and Data underpin the analysis presented in the report.
Analytical Emphases
- Evolution and outlook of global external positions, including rotation of surpluses/deficits toward advanced economies.
- Quantification of excessive current account imbalances using a multilateral approach.
- Role of exchange rates in facilitating external adjustment in the presence of:
- Dominant currency pricing.
- International integration through global value chains.
Access Points (content components highlighted on the landing page)
- Full Report
- Executive Summary
- Blog
- Chapter 1
- Chapter 2
- Chapter 3
Source: 2019 External Sector Report: The Dynamics of External Adjustment (IMF landing page, July 2019).
Content in this bundle
- Chapter 1
- Chapter 2
- Chapter 3
- dataset overview
- 2019esr-ch2
- Executive Summary
- 2019 External Sector Report Online Annex 2.1. Technical Note; July 17, 2019
- Full Report