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Criteria of External Sustainability

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  • International Monetary Fund

Abstract

This paper analyzes the main conceptual issues that arise in assessing external sustainability with a view toward developing operational criteria for the purposes of multilateral surveillance. The main contribution of the analysis is to show how conditional forecasts of external imbalance may be generated in a consistent way that explicitly incorporates a mechanism for achieving sustainability. An index of external unsustainability is also derived that reflects the probability of future changes in policies expected by private agents over time.

Suggested Citation

  • International Monetary Fund, 1988. "Criteria of External Sustainability," IMF Working Papers 1988/060, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1988/060
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=29860
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    Cited by:

    1. Miguel Messmacher & Mark Kruger, 2004. "Sovereign Debt Defaults and Financing Needs," IMF Working Papers 2004/053, International Monetary Fund.

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