{
  "title": "2013 Pilot External Sector Report - Individual Economy Assessments",
  "publication": "Policy Papers, June 20, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/2013-pilot-external-sector-report-individual-economy-assessments-pp4790",
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  "summary": "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",
  "sections": [
    {
      "heading": "Overview and Methodology",
      "content": "- 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.\n- Boxes 6, 7 and Annex III of the Pilot Report describe the methodology and challenges.\n- 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.\n- The assessments were initially based on the Spring 2013 WEO and an exchange rate reference period of the average of 2012."
    },
    {
      "heading": "Key Findings and Analytical Features",
      "content": "- The External Balance Assessment methodology is central to estimating:\n  - desired current account balances\n  - desired real exchange rates\n- Staff judgment plays a decisive role in forming the overall assessment, supplementing model outputs.\n- The report explicitly notes that estimates are subject to uncertainty."
    },
    {
      "heading": "Policy Responses",
      "content": "- Potential policy responses identified are those which would work to reduce imbalances.\n\n---\n\n Content in this bundle\n\n- 2013 Pilot External Sector Report--Individual Economy Assessments; IMF Policy Paper; June 6, 2013\n  - 2013 Pilot External Sector Report--Individual Economy Assessments; IMF Policy Paper; June 6, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 2013 Pilot External Sector Report--Individual Economy Assessments; IMF Policy Paper; June 6, 2013 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/2013-pilot-external-sector-report-individual-economy-assessments-pp4790"
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    "Published: June 20, 2013",
    "Series: Policy Papers",
    "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.",
    "The External Balance Assessment methodology is central to estimating:",
    "Staff judgment plays a decisive role in forming the overall assessment, supplementing model outputs.",
    "The report explicitly notes that estimates are subject to uncertainty.",
    "Potential policy responses identified are those which would work to reduce imbalances.",
    "**2013 Pilot External Sector Report--Individual Economy Assessments; IMF Policy Paper; June 6, 2013**"
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