The External Balance Assessment (EBA) Methodology

Steven Phillips, Luis Catão (), Luca Ricci, Rudolfs Bems, Mitali Das (), Julian di Giovanni, Filiz Unsal, Marola Castillo, Jungjin Lee, Jair Rodriguez and Jose P Mauricio Vargas

No 2013/272, IMF Working Papers from International Monetary Fund

Abstract: 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 further development.

Keywords: WP; monetary policy; output gap; CA regression; fiscal policy; trade balance; current account; exchange rates; global imbalances; net foreign assets; GDP ratio; ES CA gap; REER regression; CA value; EBA regression specification; EBA regression; sample period; EBA regression model; CA balance; benchmark CA regression specification; CA assessment; Real exchange rates; External balance assessment (EBA); Real effective exchange rates; Capital controls; Global; Africa (search for similar items in EconPapers)
Pages: 68
Date: 2013-12-31
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Citations: View citations in EconPapers (89)

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