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Exchange Rate Assessments
			: CGER Methodologies

Exchange Rate Assessments : CGER Methodologies »

Series: Occasional Papers

Author(s): Jaewoo Lee , Jonathan Ostry , Alessandro Prati , Luca Ricci , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2008

DOI: http://dx.doi.org/10.5089/9781589066380.084

ISBN: 9781589066380

Keywords: Exchange rates, Exchange rate assessments, current account, exchange rate, current account balance, real exchange rate

The rapid increase in international trade and financial integration over the past decade and the growing importance of emerging markets in world trade and GDP have inspired the IMF to place stronger emphasis on mul...

Annual Report on Exchange Arrangements and Exchange Restrictions 2013

Annual Report on Exchange Arrangements and Exchange Restrictions 2013 »

Series: Annual Report on Exchange Arrangements and Exchange Restrictions

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2013

DOI: http://dx.doi.org/10.5089/9781484366806.012

ISBN: 9781484366806

Keywords: Exchange rate adjustments, Exchange rate appreciation, Exchange rate assessments, Exchange rate developments, Exchange rate determination, Exchange rate depreciation, Exchange rate guarantees, Exchange rate indicators, Exchange rate indexes, Exchange rate management

This is the 64th issue of the AREAER. It provides a description of the foreign exchange arrangements, exchange and trade systems, and capital controls of all IMF member countries. It also provides information on th...

I Overview

I Overview »

Source: Exchange Rate Assessments : CGER Methodologies

Series: Occasional Papers

Author(s): Jaewoo Lee , Jonathan Ostry , Alessandro Prati , Luca Ricci , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2008

ISBN: 9781589066380

Keywords: Exchange rates, Exchange rate assessments, current account, exchange rate, current account balance, real exchange rate

Exchange rate surveillance has always been at the core of the IMF’s responsibilities. Throughout its existence, the Fund has striven to strengthen its framework for assessing exchange rates, adapting it to u...

II Macroeconomic Balance Approach

II Macroeconomic Balance Approach »

Source: Exchange Rate Assessments : CGER Methodologies

Series: Occasional Papers

Author(s): Jaewoo Lee , Jonathan Ostry , Alessandro Prati , Luca Ricci , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2008

ISBN: 9781589066380

Keywords: Exchange rates, Exchange rate assessments, current account, exchange rate, current account balance, real exchange rate

The macroeconomic balance approach to exchange rate assessments consists of three steps. First, an equilibrium relationship between current account balances and a set of fundamentals is estimated with panel...

III Equilibrium Real Exchange Rate Approach

III Equilibrium Real Exchange Rate Approach »

Source: Exchange Rate Assessments : CGER Methodologies

Series: Occasional Papers

Author(s): Jaewoo Lee , Jonathan Ostry , Alessandro Prati , Luca Ricci , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2008

ISBN: 9781589066380

Keywords: Exchange rates, Exchange rate assessments, current account, exchange rate, current account balance, real exchange rate

The reduced-form equilibrium real exchange rate (ERER) approach to exchange rate assessment consists of three steps. First, panel regression techniques are used to estimate an equilibrium relationship betwee...

IV External Sustainability

IV External Sustainability »

Source: Exchange Rate Assessments : CGER Methodologies

Series: Occasional Papers

Author(s): Jaewoo Lee , Jonathan Ostry , Alessandro Prati , Luca Ricci , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2008

ISBN: 9781589066380

Keywords: Exchange rates, Exchange rate assessments, current account, exchange rate, current account balance, real exchange rate

The external sustainability (ES) approach, not previously used in Consultative Group on Exchange Rate Issues (CGER) assessments, complements the two other methodologies by focusing on the relati...

V Conclusions

V Conclusions »

Source: Exchange Rate Assessments : CGER Methodologies

Series: Occasional Papers

Author(s): Jaewoo Lee , Jonathan Ostry , Alessandro Prati , Luca Ricci , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2008

ISBN: 9781589066380

Keywords: Exchange rates, Exchange rate assessments, current account, exchange rate, current account balance, real exchange rate

This paper has presented three alternative methodologies to help gauge the consistency of current account balances and real effective exchange rates with their underlying fundamentals. While assessments of e...

Appendix 1. Recent Developments in IMF Surveillance

Appendix 1. Recent Developments in IMF Surveillance »

Source: External Assessments in Special Cases

Series: Departmental Papers / Policy Papers

Author(s): Anna Ter-Martirosyan , Sally Chen , Lawrence Dwight , Mwanza Nkusu , Mehdi Raissi , and Ashleigh Watson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2014

ISBN: 9781475554830

Keywords: Exchange rate assessments, External sector, Exchange rates, Foreign exchange, exchange rate, exporters, reer, oil, foreign assets

Recent Reviews The IMF released its latest Triennial Surveillance Review (TSR) in September 2011 and a Review of Progress on Implementation in December 2012. The reports drew lessons...

Appendix 2. Country Groups

Appendix 2. Country Groups »

Source: External Assessments in Special Cases

Series: Departmental Papers / Policy Papers

Author(s): Anna Ter-Martirosyan , Sally Chen , Lawrence Dwight , Mwanza Nkusu , Mehdi Raissi , and Ashleigh Watson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2014

ISBN: 9781475554830

Keywords: Exchange rate assessments, External sector, Exchange rates, Foreign exchange, exchange rate, exporters, reer, oil, foreign assets

The following groups of economies are identified as having distinct structural characteristics commonly thought to influence exchange rate assessments. 20 Expor...

Appendix 3. Survey of Exchange Rate Assessments

Appendix 3. Survey of Exchange Rate Assessments »

Source: External Assessments in Special Cases

Series: Departmental Papers / Policy Papers

Author(s): Anna Ter-Martirosyan , Sally Chen , Lawrence Dwight , Mwanza Nkusu , Mehdi Raissi , and Ashleigh Watson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2014

ISBN: 9781475554830

Keywords: Exchange rate assessments, External sector, Exchange rates, Foreign exchange, exchange rate, exporters, reer, oil, foreign assets

Nearly 95 percent of the 88 reviewed reports for countries with special characteristics use CGER or adjusted methods for exchange rate assessments. This appendix provides more de...