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Europe > Germany

You are looking at 1 - 10 of 208 items for :

  • Type: Journal Issue x
  • Current Account Adjustment; Short-term Capital Movements x
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Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
Macroprudential policy intervention; revaluation loss; stress test scenario; D. policy implication; equity investment; B. natural gas reliance in Switzerland; Mortgages; Natural gas sector; Exchange rate revaluation; Foreign assets; International investment position; Global; Europe
Cover IMF Working Papers
The Current Account Income Balance: External Adjustment Channel or Vulnerability Amplifier?
Mr. Alberto Behar and Ramin Hassan
In terms of size, the net income balance (IB) is comparable to the trade balance (TB) for many countries. Yet the role of the IB in mitigating external vulnerabilities or complicating external adjustment remains underexplored. This paper studies the role of the IB in stabilizing or destabilizing the current account over the cycle and in crises. Our results show that, due to a negative correlation with the TB, the IB significantly dampens the time series volatility of the current account for most countries. However, the IB generally does not improve during crisis episodes, so current account adjustment occurs entirely through improvements in the TB. The paper also estimates IB semi-elasticities with respect to the exchange rate (ER). Semi-elasticities are small for most countries, so the IB is generally not a significant channel through which the ER stabilizes the current account, and trade-based semi-elasticities are, with some important exceptions, good proxies for current account semi-elasticities used in external sector assessments.
Keywords:
Income balance; Exchange rate elasticity; Global imbalances; Crisis; Sudden stop; Fixed-effects counterfactual estimators; B. estimation methodology; D. estimation procedure; current account adjustment; Income; Current account; Exchange rates; Credit; Global
Cover International Monetary Fund Annual Report 2021
International Monetary Fund Annual Report 2021
Build Forward Better
International Monetary Fund. Secretary's Department

Abstract

A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.

Keywords:
Annual Report; vaccine; debt; public debt; inclusive; green economy; Great Depression; global policy; Great Divergence; living gap; debt dynamics; debt vulnerabilities; low-income countries; emerging markets;