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The Measurement of External Accounts

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The Measurement of External Accounts »

Source: The Measurement of External Accounts

Volume/Issue: 2019/132

Series: IMF Working Papers

Author(s): Gustavo Adler , Daniel Garcia-Macia , and Signe Krogstrup

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 June 2019

ISBN: 9781498317450

Keywords: Current Account, Measurement, External Imbalances, Global Imbalances.

Growing international integration in trade and finance can challenge the measurement of external accounts. This paper presents a unified conceptual framework for identifying sources of mismeasurement of foreign inv...

IMF Exchange Rate Policy Advice
			: Revisiting the 2007 IEO Evaluation

IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation »

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

DOI: http://dx.doi.org/10.5089/9781484325766.017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

This report is the seventh in a series of evaluation updates by the Independent Evaluation Office of the IMF (IEO) that return to past IEO evaluations and assess the continuing relevance of their main conclusions....

From Great Depression to Great Recession
			: The Elusive Quest for International Policy Cooperation

From Great Depression to Great Recession : The Elusive Quest for International Policy Cooperation »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 March 2017

DOI: http://dx.doi.org/10.5089/9781513514277.071

ISBN: 9781513514277

Keywords: global financial crisis, adjustment fatigue, deflation, currency wars, secular stagnation, policy cooperation, recovery, crisis prevention, policy coordination, imbalances

The global financial crisis and the ensuing Great Recession raised concerns about adjustment fatigue, deflation, currency wars, and secular stagnation that presented a sense of déjà vu: similar concerns had arisen...

1. Introduction

1. Introduction »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

In 2007, the IEO completed an evaluation of IMF Exchange Rate Policy Advice. The evaluation addressed issues at the heart of the IMF’s work, as laid out by the Articles of Agreement. In particular, the Artic...

2. Key Findings and Recommendations of the 2007 IEO Evaluation

2. Key Findings and Recommendations of the 2007 IEO Evaluation »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

The IEO evaluation of IMF Exchange Rate Policy Advice found that the IMF was “not as effective as it need[ed] to be” in fulfilling its responsibilities for exchange rate surveillance in the period reviewed (...

3. The IMF’s Mandate and Rules of the Game

3. The IMF’s Mandate and Rules of the Game »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

The 2007 IEO evaluation pointed out a lack of clarity in the 1977 Surveillance Decision and in the associated guidance for staff. It also noted the need for greater “trust and engagement with the membership...

4. Elements of Analysis and Advice

4. Elements of Analysis and Advice »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

As the IMF has moved forward under the successive new Surveillance Decisions and also adapted its work to reflect the lessons of the global financial crisis, the institution has invested substantially in enh...

5. Management and Accountability

5. Management and Accountability »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

The 2007 evaluation found shortcomings in the management of work on exchange rate issues, including a lack of clarity around responsibility and accountability among the area and functional departments, as we...

6. Conclusion

6. Conclusion »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

The IMF deserves recognition for the progress over the last decade in overhauling its approach to exchange rate policy advice, enhancing its work in an area central to its mandate. In particular, the 2012 IS...

Systemic Risk, Aggregate Demand, and Commodity Prices

Systemic Risk, Aggregate Demand, and Commodity Prices »

Source: Systemic Risk, Aggregate Demand, and Commodity Prices

Volume/Issue: 2015/165

Series: IMF Working Papers

Author(s): Javier Gómez?Pineda , Dominique Guillaume , and Kadir Tanyeri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513552545

Keywords: Financial linkages, Global imbalances Commodity prices, output, country risk, trade, Open Economy Macroeconomics, Forecasting and Simulation,

The paper presents a global model with systemic and country risks, as well as commodity prices.We show that systemic risk shocks have an important impact on world economic activity, with the busts in world output g...