|Global Value Chains and External Adjustment: Do Exchange Rates Still Matter?|
Author/Editor: Gustavo Adler, Sergii Meleshchuk, Carolina Osorio Buitron.
Release Date:December, 2019
The paper explores how international integration through global value chains shapes the working of exchange rates to induce external adjustment both in the short and medium run. The analysis more...
|The Measurement of External Accounts|
Author/Editor: Gustavo Adler, Daniel Garcia-Macia, Signe Krogstrup.
Release Date:June, 2019
Growing international integration in trade and finance can challenge the measurement of external accounts. This paper presents a unified conceptual framework for identifying sources of mismeasurement more...
|The External Balance Assessment Methodology: 2018 Update|
Author/Editor: Luis M Cubeddu, Signe Krogstrup, Gustavo Adler, Pau Rabanal, Mai Chi Dao, Swarnali A Hannan, Luciana Juvenal, Carolina Osorio Buitron, Cyril Rebillard, Daniel Garcia-Macia, Callum Jones, Jair Rodriguez, Kyun Suk Chang, Deepali Gautam, Zijiao Wang, Nan Li.
Release Date:March, 2019
The assessment of external positions and exchange rates is a key mandate of the IMF. This paper presents the updated External Balance Assessment (EBA) framework—a key input in the conduct of more...
|The Stabilizing Role of Net Foreign Asset Returns|
Author/Editor: Gustavo Adler, Daniel Garcia-Macia.
Release Date:April, 2018
With the rapid growth of countries' foreign asset and liability positions over the last two decades, financial returns on those positions ('NFA returns') have become material drivers of current more...
|Unconventional Policies and Exchange Rate Dynamics|
Author/Editor: Gustavo Adler, Ruy Lama, Juan Pablo Medina.
Release Date:November, 2017
We study exchange rate dynamics under cooperative and self-oriented policies in a two-country DSGE model
with unconventional monetary and exchange rate policies. The cooperative solution more...
|Policy Mix and the US Trade Balance|
Author/Editor: Carolina Osorio Buitron, Gustavo Adler.
Release Date:September, 2017
The strong US policy response to the 2008-09 financial crisis raised concerns about its impact (spillovers) on other countries, with great focus on the monetary stimulus but little attention to more...
|Tipping the Scale? The Workings of Monetary Policy through Trade|
Author/Editor: Gustavo Adler, Carolina Osorio Buitron.
Release Date:June, 2017
Monetary policy entails demand augmenting and demand diverting effects, with its impact on the trade balance—and spillovers to other countries—depending on the relative magnitude of these more...
|Gone with the Headwinds : Global Productivity|
Author/Editor: Gustavo Adler, Romain A Duval, Davide Furceri, Sinem Kılıç Çelik, Ksenia Koloskova, Marcos Poplawski-Ribeiro.
Release Date:April, 2017
Productivity growth—the key driver of living standards—fell sharply following the global financial crisis and has remained sluggish since, adding to a slowdown already in train before. Building more...
|Terms-of-Trade Cycles and External Adjustment|
Author/Editor: Gustavo Adler, Nicolas E Magud, Alejandro M Werner.
Release Date:February, 2017
We study the process of external adjustment to large terms-of-trade level shifts—identified with a Markov-switching approach—for a large set of countries during the period 1960–2015. We find more...
|The Cost of Foreign Exchange Intervention : Concepts and Measurement|
Author/Editor: Gustavo Adler, Rui Mano.
Release Date:April, 2016
The accumulation of large foreign asset positions by many central banks through sustained
foreign exchange (FX) intervention has raised questions about its associated fiscal costs.