| Description |
1 online resource (69 pages) |
| Series |
IMF Working Papers, 2227-8885 |
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IMF Working Papers
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| Contents |
Cover; Contents; I. INTRODUCTION; II. EBA FRAMEWORK FOR CA AND REER ANALYSIS; III. POSITIVE ANALYSIS: THE EBA CURRENT ACCOUNT PANEL REGRESSION; A. Current account regression specification; B. Estimation; C. Country sample and sample period; D. Current account regression model; D.1 Traditional fundamentals: non-policy variables; D.2 Financial factors; D.3 Cyclical / temporary factors; D.4 Policy-related regressors; E. Effects on current account via saving or investment?; F. Fit of the CA regression; G. Other hypotheses explored in the CA regressions |
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IV. POSITIVE ANALYSIS: THE EBA REAL EXCHANGE RATE PANEL REGRESSIONA. The real effective exchange rate (REER) measure; B. Estimation method and sample; C. Explanatory variables and regression results; C.1 Non-policy fundamentals and financial factors; C.2 Policy-related regressors; D. Fit; E. Other hypotheses explored in the REER regressions; V. TOWARD NORMATIVE EVALUATION: ESTIMATION OF POLICY GAPS AND TOTAL GAPS; A. Policy gaps; B. Specifying benchmarks for policy variables; C. The final step: confirming multilateral consistency; VI. EBA EXTERNAL SUSTAINABILITY (ES) APPROACH |
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VII. INTERPRETING EBA RESULTS: RELEVANCE, RELIABILITY, AND PENDING ISSUESReferences; Annexes; I. Glossary of Variables in Current Account and REER Regressions; II. Countries in the EBA Regression Samples; III. Role of Exhaustible Resources; IV. Financial Factors for EBA Methodology; V. Role of Structural Factors; VI. Suggested Policy Benchmark for Public Health Spending; Tables; 1. EBA CA regression; 2. EBA CA regression: Reserves and Capital Controls; 3. EBA CA regression: Inspecting Monetary Policy; 4. EBA CA regression: Savings and Investment Breakdown; 5. EBA REER regression |
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6. EBA REER regression: Reserves and Capital Controls7. EBA REER regression: Inspecting Monetary and Fiscal Policy; 8. EBA CA regression: Alternative Financial Indicators (a); 9. EBA CA regression: Alternative Financial Indicators (b); 10. EBA CA regression: Structural Indicators |
| Summary |
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 f |
| Bibliography |
Includes bibliographical references |
| Notes |
Print version record |
| Subject |
Balance of payments -- Econometric models
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Foreign exchange rates -- Econometric models
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Monetary policy -- Econometric models
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Fiscal policy -- Econometric models
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Balance of payments -- Econometric models
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Fiscal policy -- Econometric models
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Foreign exchange rates -- Econometric models
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Monetary policy -- Econometric models
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| Form |
Electronic book
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| Author |
Catão, Luis
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Ricci, Luca Antonio
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Bems, Rudolfs
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Das, Mitali
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Di Giovanni, Julian
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Unsal, D. Filiz
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Castillo, Marola
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Lee, Jungjin
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Rodriguez, Jair
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Vargas, Mauricio
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| ISBN |
9781484346990 |
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1484346998 |
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9781484346686 |
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1484346688 |
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