Accounting Framework for Trade and Macro-economic issues

Starting from the measurement framework of the System of National Accounts, this part clarifies the measurement of the international economic dimension of the SNA, especially to measure economic interdependencies of nations, their exposures and vulnerabilities. The international accounts for an economy summarize the economic relationships between residents of that economy and the rest of the world. Many international task teams are working on aspects of international trade and economic globalization, but an overarching framework is still missing.


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Enhancing Surveillance: Interconnectedness and Clusters


The global crisis of 2008–09 and its ongoing aftershocks have focused attention on the possible risks associated with global interconnectedness. Absent a satisfactory theory and empirics on the relationships among interconnectedness, stability, and policies, however, following through on the calls in the Triennial Surveillance Review for ncorporating interconnectedness into the Fund’s policy and risk analysis is challenging. This paper characterizes the architecture of cross-border trade and financial interconnectedness and points to how it might inform the Fund’s work. more »

Enhancing surveillance: Interconnectedness and Clusters

Background document

This note provides an overview of the theoretical and empirical literature in the implications of greater trade and financial integration for the volatility and sychronization of business cycles. more »