External Adjustment In Oil Exporters

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External Adjustment In Oil Exporters

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Author : Mr.Alberto Behar
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-08

External Adjustment In Oil Exporters written by Mr.Alberto Behar and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-08 with Business & Economics categories.

After the decline in oil prices, many oil exporters face the need to improve their external balances. Special characteristics of oil exporters make the exchange rate an ineffective instrument for this purpose and give fiscal policy a sizeable role. These conclusions are supported by regression analysis of the determinants of the current account balance and of the trade balance. The results show little or no relationship with the exchange rate and, especially for the less diversified oil exporters (including the Gulf Cooperation Council), a strong relationship with the fiscal balance or government spending.

External Adjustment In Oil Exporters

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Author : Alberto Behar
language : en
Publisher:
Release Date : 2018

External Adjustment In Oil Exporters written by Alberto Behar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.

After the decline in oil prices, many oil exporters face the need to improve their external balances. Special characteristics of oil exporters make the exchange rate an ineffective instrument for this purpose and give fiscal policy a sizeable role. These conclusions are supported by regression analysis of the determinants of the current account balance and of the trade balance. The results show little or no relationship with the exchange rate and, especially for the less diversified oil exporters, a strong relationship with the fiscal balance or government spending.

Learning To Live With Cheaper Oil

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Author : Mr.Martin Sommer
language : en
Publisher: International Monetary Fund
Release Date : 2016-06-09

Learning To Live With Cheaper Oil written by Mr.Martin Sommer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-09 with Business & Economics categories.

This paper discusses the challenges posed by low oil prices in the MENA and CCA regions, the adjustment policies adopted so far, and remaining adjustment needs and future risks.

Oil Shocks And External Balances

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2007-05-01

Oil Shocks And External Balances written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-05-01 with Business & Economics categories.

This paper studies the effects of demand and supply shocks in the global crude oil market on several measures of countries' external balance, including the oil and non-oil trade balances, the current account, and changes in net foreign assets (NFA) during 1975-2004. We explicitly take a global perspective. In addition to the U.S., the Euro area and Japan, we consider a number of country groups including oil exporters and middle-income oil-importing economies. We find that the effect of oil shocks on the merchandise trade balance and the current account, which depending on the source of the shock can be large, depends critically on the response of the nonoil trade balance, and differs systematically between the U.S. and other oil importing countries. Using the Lane-Milesi-Ferretti NFA data set, we document the presence of large and systematic (if not always statistically significant) valuation effects in response to oil shocks, not only for the U.S., but also for other oil-importing economies and for oil exporters. Our estimates suggest that increased international financial integration will tend to cushion the effect of oil shocks on NFA positions for major oil exporters and the U.S., but may amplify it for other oil importers.

Exchange Rate Assessments

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Author : Mr.Irineu E. de Carvalho Filho
language : en
Publisher: International Monetary Fund
Release Date : 2009-12-01

Exchange Rate Assessments written by Mr.Irineu E. de Carvalho Filho and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-01 with Business & Economics categories.

Are the current account fluctuations in oil-exporting countries "excessive"? How should their real exchange rate respond to the evolution of external (and domestic) fundamentals? This paper proposes methodologies tailored to the specific features of oil-exporting countries that help address these questions. Price-based methodologies (based on the time series of real effective exchange rates) identify a strong link between the real exchange rate and the terms of trade, but have relatively limited explanatory power. On the other hand, an empirical model of the current account, which fits oil exporting countries' data well, and an intertemporal model that takes into account the stock of oil reserves provide useful benchmarks for oil exporters' external balances.

Cyclical Fiscal Rules For Oil Exporting Countries

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Author : Stephen Snudden
language : en
Publisher: International Monetary Fund
Release Date : 2013-11-06

Cyclical Fiscal Rules For Oil Exporting Countries written by Stephen Snudden and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-06 with Business & Economics categories.

Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other commodity exporters. Using a global DSGE model, the efficient design of such rules is found to depend on the source of oil price fluctuations and the oil exporters’ structural characteristics. The output-inflation tradeoff is of particular concern for oil exporters relative to non-oil exporters due to the pass through of oil prices into headline inflation. Fiscal rules are best when coordinated with inflation targeting monetary policy, but are still desirable for fixed exchange rate regimes.

Developing Countries In A Turbulent World

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Author : Ching-yuan Lin
language : en
Publisher: Greenwood
Release Date : 1981

Developing Countries In A Turbulent World written by Ching-yuan Lin and has been published by Greenwood this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Business & Economics categories.

Global Imbalances And External Adjustment After The Crisis

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Author : Mr.Philip R. Lane
language : en
Publisher: International Monetary Fund
Release Date : 2014-08-12

Global Imbalances And External Adjustment After The Crisis written by Mr.Philip R. Lane and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-12 with Business & Economics categories.

This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external adjustment over 2008-2012. In particular, it shows how pre-crisis external imbalances have strong predictive power for post-crisis macroeconomic outcomes, allowing for variation across different exchange rate regimes. We emphasize that the bulk of external adjustment has taken the form of “expenditure reduction”, with “expenditure switching” only playing a limited role.

External Adjustment In Oil Exporters

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Author : Mr.Alberto Behar
language : en
Publisher: International Monetary Fund
Release Date : 2016-06-08

External Adjustment In Oil Exporters written by Mr.Alberto Behar and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-08 with Business & Economics categories.

After the decline in oil prices, many oil exporters face the need to improve their external balances. Special characteristics of oil exporters make the exchange rate an ineffective instrument for this purpose and give fiscal policy a sizeable role. These conclusions are supported by regression analysis of the determinants of the current account balance and of the trade balance. The results show little or no relationship with the exchange rate and, especially for the less diversified oil exporters (including the Gulf Cooperation Council), a strong relationship with the fiscal balance or government spending.

External Adjustment In A Resource Rich Economy The Case Of Papua New Guinea

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Author : Ryota Nakatani
language : en
Publisher: International Monetary Fund
Release Date : 2017-12-01

External Adjustment In A Resource Rich Economy The Case Of Papua New Guinea written by Ryota Nakatani and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-01 with Business & Economics categories.

How should resource-rich economies handle the balance of payments adjustment required after commodity price declines? This paper addresses the question theoretically by developing a simple two-period multi-sector model based on Nakatani (2016) to compare different exchange rate policies, and empirically by estimating elasticities of imports and commodity exports with respect to exchange rates using Papua New Guinean data. In the empirical part, using various econometric methods, I find the statistically significant elasticities of commodity exports to real exchange rates. In the theoretical part, by introducing the notion of a shadow exchange rate premium, I show how the rationing of foreign exchange reduces consumer welfare. Using the estimated elasticities and theoretical outcomes, I further discuss policy implications for resource-rich countries with a focus on Papua New Guinea.