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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...
Back Matter »
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 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...
Front Matter »
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 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...
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 »
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 »
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 »
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 »
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...