The Role of the Balance of Payments for Central Bank Policy: A Major and Reliable Ally for a Special Client

Gerhard Ziebarth ()
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Gerhard Ziebarth: Deutsche Bundesbank

A chapter in Measuring International Economics, 2025, pp 41-59 from Springer

Abstract: Abstract This contribution delves into the intricate relationship between monetary policy and the Balance of Payments (BOP) in an open market economy, structured into three comprehensive parts. The first part explores the globalised economic landscape, emphasising the critical role of BOP in servicing diverse stakeholders amid dynamic global conditions. It underscores the indispensable value of BOP data for monetary policy, particularly during periods of economic stress and crises. The second part addresses the objectives and the analytical framework of monetary policy, setting the prime stage and the analytical background for macroeconomic issues and stressing the importance of a comprehensive data set to be defined. The legacy of the global financial crisis and the G20 Data Gaps Initiative are highlighted for their contributions to BOP. Furthermore, normative issues concerning BOP are put to the test, including the MIP in EMU. The final part offers a look into the statistical mechanisms of BOP, emphasizing the need to protect the trust in official statistics and the decisive role of conceptional expertise and experienced-based knowledge in the making of BOP.

Keywords: Balance of Payments; Central Bank Policy; Monetary Policy; Macroprudential Policy; International Economics (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-77193-4_4

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DOI: 10.1007/978-3-031-77193-4_4

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