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Special Purpose Entities
The Note is meant to assist compilers in the practical application of the agreed defini¬tion to identify resident Special Purpose Entities (SPE) in their jurisdictions and in collecting and reporting SPE-related cross-border data. To this end, these guidelines provide practical advice on the (1) implementa¬tion of the definition of SPEs, (2) possible data sources and processes for collecting and compiling SPE-related statistics, and (3) reporting within the agreed Data Template.
Measuring Multinational Production with Foreign Direct Investment Statistics: Recent Trends, Challenges, and Developments
In a complex global production landscape, the quest for measures of economic activity by multinational enterprises (MNEs) has become more pressing. Foreign Direct Investment (FDI) statistics, which capture financing aspects of MNEs, have often been used as a proxy for multinational production given their wide availability and cross-country comparability, but concerns that multinational production occurs in different countries than where financial positions are recorded call this practice into question. This paper revisits the main objections to the use of FDI as a proxy for multinational production, explores counterarguments, and provides guidance on the use of FDI statistics to measure multinational production.
IMF Committee on Balance of Payments Statistics
The 2019 Annual Report of the IMF Committee on Balance of Payments Statistics (the Committee) provides an overview of recent trends in global balance of payments and international investment position statistics, summarizes the Committee’s work during 2019, and presents the work program of the Committee in the coming year.
Portfolio Inflows and Real Effective Exchange Rates
It has been well-established in the literature that portfolio inflows appreciate the real effective exchange rate. However, the literature lacks a systematic empirical analysis of the impact of portfolio inflows by institutional sector or borrower type. This paper fills this gap by exploring the impact of the inflows of portfolio capital into three institutional sectors (government, banks and corporates) on the real effective exchange rate. Using a large sample of 73 countries, it shows that the effect of portfolio inflows on the real effective exchange rate depends on the sector the investment flows in. The findings are robust to different econometric methods, additional variables in the model, and various indicators of real effective exchange rates.
Dominant Currencies and External Adjustment
The extensive use of the US dollar when firms set prices for international trade (dubbed dominant currency pricing) and in their funding (dominant currency financing) has come to the forefront of policy debate, raising questions about how exchange rates work and the benefits of exchange rate flexibility. This Staff Discussion Note documents these features of international trade and finance and explores their implications for how exchange rates can help external rebalancing and buffer macroeconomic shocks.
Geopolitics, Trade Blocks, and the Fragmentation of World Commerce
The global economic edifice built after World War II is a source of unprecedented prosperity. It cannot function without open and predictable international trade, and the peaceful international relations that are its foundation. The rules that enable trade are under attack. Social divisions and great power rivalry have eroded the political support for open trade. The consequence is fragmentation of world trade, its separation into blocks that advance domestic producers or favored nations nearby. These blocs are themselves often pulled apart by competing agendas. The prospects are for vastly reduced economic efficiency and - most ominously - heightened geopolitical tensions. The questions about why this is happening, how economic fragmentation will evolve, and how to respond to it, are uppermost in the minds of policymakers and businesses across the world. These are the questions that Uri Dadush seeks to answer. Since the uncertainty cannot be dispelled, it must be better managed.
Absolute Essentials of International Economics
This shortform textbook provides a comprehensive overview of international economics and coverage of recent trends in the global economy to supplement students’ knowledge of this fast-moving subject area. Divided into two parts, the book begins by introducing the fundamental aspects of international economics (the international economic system, global networks and flows, the theory of international trade, trade policy, trade agreements, foreign exchange market, international factor movements, and developing countries) before moving on to focus on specialist topics such as the Covid-19 pandemic, the emerging economies of BRICS, and Brexit. Each chapter includes an essential summary, key ter...
Tracking Trade from Space: An Application to Pacific Island Countries
This paper proposes an easy-to-follow approach to track merchandise trade using vessel data and applies it to Pacific island countries. Pacific islands rely heavily on imports and maritime transport for trade. They are also highly vulnerable to climate change and natural disasters that pose risks to ports and supply chains. Using satellite-based vessel tracking data from the UN Global Platform, we construct daily indicators of port and trade activity for Pacific island countries. The algorithm significantly advances estimation techniques of previous studies, particularly by employing ways to overcome challenges with the estimation of cargo payloads, using detailed information on shipping liner schedules to validate port calls, and applying country-specific information to define port boundaries. The approach can complement and help fill gaps in official data, provide early warning signs of turning points in economic activity, and assist policymakers and international organizations to monitor and provide timely responses to shocks (e.g., COVID-19).
National Union Catalog
Includes entries for maps and atlases.
