The high degree of openness and increased integration of most SEACEN economies have complicated central banks’ tasks in macroeconomic and monetary policy management, especially in handling external shocks. The great financial crisis and its aftermath is one such episode where even fundamentally strong economies can be affected by contagion effects. This course will address issues of current concern, including current account imbalances; the management of capital flows; exchange rate measurement and assessment; cross-border banking; measures/indicators of external financial transactions and holdings of foreign assets and liabilities and external vulnerability analysis. The course draws on key external sector data sets such as the Balance of Payments Statistics, International Investment Position, International Banking Statistics, among others.
At the end of the course, participants will be able to: (1) assess the impact of international capital flows and the management of such flows; (2) construct and interpret alternative exchange rate indices; (3) provide an assessment of exchange rate equilibrium and misalignment; (4) monitor and analyse the build-up of external vulnerabilities by understanding interlinkages between external account indicators; and (5) conduct an external debt sustainability analysis.
Middle-level officers/technical staff of central banks with at least two years of experience in external sector analysis and surveillance, exchange rate policy and/or monetary and financial policy analysis and surveillance. A strong background in international macroeconomics and/or international finance is an advantage.
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