External Balance Sheets and the COVID-19 Crisis - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook External Balance Sheets and the COVID-19 Crisis write by Galina Hale. This book was released on 2021. External Balance Sheets and the COVID-19 Crisis available in PDF, EPUB and Kindle. At the onset of the COVID-19 economic crisis, as in other crisis episodes, the flight to safety was accompanied by a rapid appreciation of "safe haven" currencies. We quantify currency-induced balance sheet effects for total external positions as well as for individual asset classes using new data on the currency composition of cross-border assets for 48 countries for the first quarter as well as full year 2020. For the first quarter of 2020 we also conduct the stock-flow reconciliation of net international investment positions to measure overall valuation effects. We show that for many countries currency-induced valuation gains mitigated losses that resulted from declining asset prices in the first quarter of 2020. Moreover, for countries with excess capital outflows during this period, the impacts on external balance sheet positions were mitigated by valuation gains. This is because, in contrast with past financial crises, many emerging markets did not experience negative external balance sheet effects from their currency depreciation, partly due to currency-induced valuation gains on equity positions offsetting losses on debt positions, partly due to reduced currency mismatch on their external debt positions.
Currency-Induced External Balance Sheet Effects at the Onset of the COVID-19 Crisis
Currency-Induced External Balance Sheet Effects at the Onset of the COVID-19 Crisis - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Currency-Induced External Balance Sheet Effects at the Onset of the COVID-19 Crisis write by Galina Hale. This book was released on 2020. Currency-Induced External Balance Sheet Effects at the Onset of the COVID-19 Crisis available in PDF, EPUB and Kindle.
External Sector Report, 2020
External Sector Report, 2020 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook External Sector Report, 2020 write by International Monetary Fund. Monetary and Capital Markets Department. This book was released on 2020-08-04. External Sector Report, 2020 available in PDF, EPUB and Kindle. Produced since 2012, the IMF’s annual External Sector Report analyzes global external developments and provides multilaterally consistent assessments of external positions, including current accounts, real exchange rates, external balance sheets, capital flows, and international reserves, of the world’s largest economies, representing over 90 percent of global GDP. Chapter 1 discusses the evolution of global external positions in 2019, external developments during the COVID-19 crisis, and policy priorities for responding to the crisis and for reducing excess imbalances over the medium term. Chapter 2 analyzes the relationship between the structure of external assets and liabilities—the components of the international investment position—and the risk of external stress events. It also assesses how heightened global risk aversion, as during the COVID-19 crisis, amplifies these risks. Chapter 3, “Individual Economy Assessments,” provides details on the different aspects of the overall external assessment and associated policy recommendations for 30 economies. This year’s report and associated external assessments are based on the latest vintage of the External Balance Assessment (EBA) methodology and on data and IMF staff projections as of July 15, 2020.
Currencies of External Balance Sheets
Currencies of External Balance Sheets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Currencies of External Balance Sheets write by Mr. Cian Allen. This book was released on 2023-11-17. Currencies of External Balance Sheets available in PDF, EPUB and Kindle. This paper assembles a comprehensive dataset of the currency composition of countries’ external balance sheets for 50 economies over the period 1990–2020. We document the following findings: (i) the US dollar and the euro still dominate global external balance sheets; (ii) there were striking changes in the currency composition across countries since the 1990s, with many emerging markets having moved from short to long positions in foreign currency, thus moving away from the so-called “original sin”; (iii) financial and tradeweighted exchange rates are weakly correlated, suggesting the commonly used trade indices do not adequately reflect the wealth effects of currency movements, and (iv) the large wealth transfers across countries during COVID-19 and the global financial crises increased global imbalances in the former, and reduced them in the latter.
External Sector Report 2021
External Sector Report 2021 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook External Sector Report 2021 write by INTERNATIONAL MONETARY FUND.. This book was released on 2021-08-02. External Sector Report 2021 available in PDF, EPUB and Kindle. Produced since 2012, the IMF’s annual External Sector Report analyzes global external developments and provides multilaterally consistent assessments of external positions, including current accounts, real exchange rates, external balance sheets, capital flows, and international reserves, of the world’s largest economies, representing over 90 percent of global GDP. Chapter 1 discusses the evolution of global external positions in 2020, external developments throughout the COVID-19 crisis, and policy priorities for reducing excess imbalances over the medium term. Chapter 2 analyzes how the unprecedented fiscal support provided in response to the COVID-19 crisis has affected external positions at the individual and global level. It also focuses on how withdrawal of such support will impact external positions in the medium term. Chapter 3, “Individual Economy Assessments,” provides details on the different aspects of the overall external assessment and associated policy recommendations for 30 economies. This year’s report and associated external assessments are based on the latest vintage of the External Balance Assessment (EBA) methodology and on data and IMF staff projections as of June 30, 2021.
