Global Imbalances Exchange Rates And Oil Exporting Countries
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Global Imbalances Exchange Rates And Oil Exporting Countries
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Author : Christian M. Oberpriller
language : en
Publisher: LIT Verlag Münster
Release Date : 2009
Global Imbalances Exchange Rates And Oil Exporting Countries written by Christian M. Oberpriller and has been published by LIT Verlag Münster this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Balance of trade categories.
This book analyzes the phenomenon of the unprecedentedly high U.S. current account deficit and its counterpart surpluses in the rest of the world. The book develops a four-region model focusing on the U.S., Europe, Asia and the oil-exporting countries in order to compute the real exchange rate changes which might accompany a reduction in the world's current account imbalances. In addition to the economics of a purely demand-side-driven world, the impact of a flexible supply side on the behavior of the relevant economic variables is modeled and analyzed.
Global Imbalances And Petrodollars
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Author : Rabah Arezki
language : en
Publisher:
Release Date : 2013
Global Imbalances And Petrodollars written by Rabah Arezki and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Oil exporters have run large current account surpluses. We explore oil exporters' role in the global imbalances debate. Current account dynamics are estimated for oil-exporting countries and the rest of the world. We find that fiscal policy has a much stronger effect on the current account of oil exporters than on current accounts of other countries. The current account adjustment of oil-exporting countries is also faster. Fiscal policy of oil exporters can have a significant and speedy impact on global imbalances. The impact via the adjustment of exchange rates might not be effective.
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.
Petrodollars And Global Imbalances
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Author : Thomas McCown
language : en
Publisher:
Release Date : 2013
Petrodollars And Global Imbalances written by Thomas McCown and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
As the world economy recovered and grew, the price of oil rose markedly, peaking at almost $70 per barrel in 2005 before ending the year at $61 per barrel. Today, the price continues to hover at around $65. This sustained rise in prices has generated hundreds of billions of dollars of extra revenue for oil exporting countries (e.g. the Bank of International Settlements estimates $1.3 trillion to OPEC since end-1998). This Occasional Paper examines the major sources and uses of this windfall and its impact on global imbalances. The paper is not intended to be a comprehensive assessment of the petrodollar phenomenon, but rather to identify issues that warrant further examination. Key findings of our analysis suggest that: From 2002 to 2005, oil exporters appear to be spending proceeds from the oil windfall relatively evenly on increased imports and reserve accumulation, but import spending and the percentage spent on imports will likely rise over time. Some oil exporters are responding to the windfall by increasing reserves, retiring debt, and setting aside money for future generations, measures which should help insulate them from oil price volatility. Many countries are also channeling financing to productive investments intended to support growth, in contrast to the last oil boom. However in some cases, domestic spending increases have included hefty public sector wage hikes. The complexity and integration of financial markets make it difficult to assess fully where the oil windfall is being invested, though it is clear that domestic equity markets, and, to a lesser extent, real estate markets in the Gulf, are benefiting. Oil producers' current account surpluses have increased already large global imbalances. While inflation remains broadly contained in oil-exporting countries with pegged exchange rates, more flexible exchange rates would allow better control over domestic monetary conditions and promote efficient external adjustment.
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.
Europe And Global Imbalances
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Author : Philip R. Lane
language : en
Publisher: International Monetary Fund
Release Date : 2007-06
Europe And Global Imbalances written by 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 2007-06 with Business & Economics categories.
Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.
External Imbalances In The Euro Area
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Author : Ms.Ruo Chen
language : en
Publisher: International Monetary Fund
Release Date : 2012-10-09
External Imbalances In The Euro Area written by Ms.Ruo Chen 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 2012-10-09 with Business & Economics categories.
The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world –in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions’ securities, and cross-border interbank lending) which permitted external imbalances to grow over time.
Oil And The International Economy
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Author : Georg Koopmann
language : en
Publisher: Transaction Publishers
Release Date :
Oil And The International Economy written by Georg Koopmann and has been published by Transaction Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on with Business & Economics categories.
The oil price increases of the 1970s left deep marks on the world economy. They led to a massive redistribution of income in favor of oil-producing countries, and caused serious disruption of growth, imbalances in foreign trade, and problems of stability in oil-importing countries. Despite the present levelling off, the authors suggest that more price increases remain a distinct possibility. "Oil and the International Economy "examines the effects of rising oil prices on the international financial system and identifies ways that oil-importing countries can overcome the financial and adjustment problems caused by them. The authors project the long-term trend in real oil prices and present economic policy options to help avoid future financial problems for industrialized and developing nations alike. Contents: The World Oil Market after the Oil Price Shocks; Future Trends in the Demand for Oil; Future Trends in the Supply of Oil; Balance-of-Payments and Exchange-Rate Adjustment: Current Account Developments in Times of Rising Oil Prices and Effects on Exchange Rates; The Effects of Real Oil Price Increases on Energy and Raw Material Prices; Repercussions on the General Price Level; Implications for the German Monetary and Exchange Rate Policy; Are Real Oil Price Increases a Brake on Growth?; Options for Economic Policy; The Struggle for Markets in the Oil-Producing Countries; The Oil-Producing Countries as Competitors in the Manufacturing Sector; Consequences for Trade Between Oil-Importing Countries.
Report To Congress On International Economic Exchange Rate Policies
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Author :
language : en
Publisher: DIANE Publishing
Release Date :
Report To Congress On International Economic Exchange Rate Policies written by and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Current Account Imbalances Of Selected Middle Eastern Countries
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Author : Adrian Wille
language : en
Publisher: GRIN Verlag
Release Date : 2011-12-20
Current Account Imbalances Of Selected Middle Eastern Countries written by Adrian Wille and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-20 with Business & Economics categories.
Seminar paper from the year 2011 in the subject Economics - Finance, grade: 1,0, Friedrich-Alexander University Erlangen-Nuremberg, course: The Middle East in the World Economy, language: English, abstract: Discussions on global economic imbalances and adjustment have become highly valued and popular nowadays. The worldwide financial crisis, European crisis and China’s rise to an economic world ower have particularly brought these issues to light. China is thought to boost its exports through an artificial low exchange rate, Germany is accused of profiting from the common European currency and money policy through high competiveness and the USA is blamed for financing its excessive consumption through unsustainable foreign debt. Notable cases are also found in the Middle East. Above all, attention must be paid to the antagonism toward oil exporting and non-oil exporting countries. Their different economic structures are often the primary cause of current account imbalances. Hence, this paper focuses on the examination of two Middle Eastern countries: Lebanon and Saudi- Arabia. Lebanon is a small oil-importing country with a diverse population that experienced a period of intense European influence and which has been regularly confronted with regional conflicts. Saudi-Arabia is a major regional power and oil-exporting country, whose politics emerge from a strictly conservative Islamic ideology. Primary attention is paid to the current accounts of the two countries. The purpose of this paper is to examine the causes of the current account imbalances and to propose strategies to adjust these imbalances. Chapter 1 deals with Lebanon’s current account deficit and traces it back, on the one hand, to a negative trade balance, which derived from its historically weak industry sector, caused by low productivity. On the other hand, Lebanon experiences a high twin deficit that further supports this imbalance. Chapter 2 analyzes Saudi-Arabia’s current account surplus, which is caused by enormous oil-exports and further revenues from temporary high oil prices. Subtracting the oil sector, negative structural effects of this rentier-system become apparent; they cause a theoretical current account deficit. Examples are the outflow of workers’ remittances and a blown-up public sector. Each of these two chapters concludes with a proposed solution containing strategies to overcome these imbalances and to create sustainable economic development. Chapter 3 sums up the results.