2013 Pilot External Sector Report - Individual Economy Assessments
Policy Papers, June 20, 2013
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Bibliographic details
- Published: June 20, 2013
- Series: Policy Papers
Overview and Methodology
- The external sector assessments use a wide range of methods, including the External Balance Assessment developed by the IMF’s Research Department to estimate desired current account balances and real exchange rates.
- Boxes 6, 7 and Annex III of the Pilot Report describe the methodology and challenges.
- The overall assessment in all cases is based on the judgment of IMF staff drawing on inputs from model estimates and other analysis, and the estimates are subject to uncertainty.
- The assessments were initially based on the Spring 2013 WEO and an exchange rate reference period of the average of 2012.
Key Findings and Analytical Features
- The External Balance Assessment methodology is central to estimating:
- desired current account balances
- desired real exchange rates
- Staff judgment plays a decisive role in forming the overall assessment, supplementing model outputs.
- The report explicitly notes that estimates are subject to uncertainty.
Policy Responses
- Potential policy responses identified are those which would work to reduce imbalances.
Content in this bundle
- 2013 Pilot External Sector Report--Individual Economy Assessments; IMF Policy Paper; June 6, 2013