The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Luis Cubeddu, Signe Krogstrup, Gustavo Adler, Pau Rabanal, Mai Chi Dao, Swarnali Ahmed Hannan, Luciana Juvenal, Carolina Osorio Buitron, Cyril Rebillard, Daniel Garcia-Macia, Callum Jones, Jair Rodriguez, Kyun Suk Chang, Deepali Gautam, and Zijiao Wang
INTERNATIONAL MONETARY FUND
The assessment of external positions and exchange rates is a key mandate of the IMF. This paper
presents the updated External Balance Assessment (EBA) framework-a key input in the conduct of
multilaterally-consistent external sector assessments of 49 advanced and emerging market
economies-following the two rounds of refinements adopted since the framework was introduced in
2012 (as described in Phillips et al., 2013). It also presents new complementary tools for shedding light
on the role of structural factors in explaining external imbalances and assessing potential biases in the
measurement of external positions. Remaining challenges and areas of future work are also discussed.