2022 Update of the External Balance Assessment Methodology

Author: Mr. Cian Allen, Camila Casas, Mr. Giovanni Ganelli, Luciana Juvenal, Mr. Daniel Leigh, Mr. Pau Rabanal, Cyril Rebillard, Jair Rodriguez, and João Tovar Jalles

Volume/Issue: Volume 2023 Issue 047

Publication date: March 2023

ISBN: 9798400234934

$20.00

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Economics / General , Current accounts , exchange rates , external sustainability , external sector assessments , global imbalances , OECD product market , EBA gaps adjustment , EBA current account model , EBA REER , labor market rigidity , External balance assessment (EBA) , Real effective exchange rates , Current account , Current account balance , Real exchange rates , Global

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Summary

The assessment of external positions and exchange rates of member countries is a key mandate of the IMF. The External Balance Assessment (EBA) methodology has provided the framework for conducting external sector assessments by Fund staff since its introduction in 2012. This paper provides the latest version of the EBA methodology, updated in 2022 with additional refinements to the current account and real exchange rate regression models, as well as updated estimates for other components of the EBA methodology. The paper also includes an assessment of how estimated current account gaps based on EBA are associated with future external adjustment.