2022 Update of the External Balance Assessment Methodology

2022 Update of the External Balance Assessment Methodology
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Volume/Issue: Volume 2023 Issue 047
Publication date: March 2023
ISBN: 9798400234934
$20.00
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Summary

The assessment of external positions and exchange rates of member countries is a key mandate of the IMF. The External Balance Assessment (EBA) methodology has provided the framework for conducting external sector assessments by Fund staff since its introduction in 2012. This paper provides the latest version of the EBA methodology, updated in 2022 with additional refinements to the current account and real exchange rate regression models, as well as updated estimates for other components of the EBA methodology. The paper also includes an assessment of how estimated current account gaps based on EBA are associated with future external adjustment.