Oil Shocks And External Balances
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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.
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 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.
Symmetric And Asymmetric Causality Between Current Account Balance And Oil Prices The Case Of Brics T
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Author : Mustafa Kırca
language : en
Publisher: Litres
Release Date : 2022-01-29
Symmetric And Asymmetric Causality Between Current Account Balance And Oil Prices The Case Of Brics T written by Mustafa Kırca and has been published by Litres this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-29 with Business & Economics categories.
The main aim of the study is to examine the symmetric and asymmetric relationship between oil prices and the current account balances of BRICS-T countries covering the period from 2003:Q1 to 2017:Q2. In the study, Hacker and Hatemi-J (2006) for the symmetric causality test and Hatemi-J (2012) for the asymmetric causality test are used to test the relationships between the variables. The symmetrical causality test results support that there is unidirectional causality from Brazil’s current account balances to oil prices and there is unidirectional causality from oil prices to Turkey’s current account balances. On the other hand, asymmetrical causality test results support that there are many causal relationships between the variables shock. There is causality from positive oil price shock to South Africa’s positive current account balances shock, from negative oil price shock to Russia, China, and Turkey’s negative current account balances shocks and to Russia, India, and Turkey’s positive current account balances shocks. Besides, there is causality from Brazil’s negative current account balances shock to both positive and negative oil prices shocks. Also, it is seen that there is causality from India’s positive current account balances shock to negative oil prices shock.Policy-makers should consider the impact of the shocks in oil prices on the current account to evaluate any policy, especially for Russia, China, India and Turkey.
Oil Price Shocks And Policy Responses In The Post Reform Chinese Economy
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Author : Zhaoyang Peng
language : en
Publisher:
Release Date : 1991
Oil Price Shocks And Policy Responses In The Post Reform Chinese Economy written by Zhaoyang Peng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with China categories.
Global Implications Of Lower Oil Prices
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Author : Mr. Aasim M. Husain
language : en
Publisher: International Monetary Fund
Release Date : 2015-07-14
Global Implications Of Lower Oil Prices written by Mr. Aasim M. Husain 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 2015-07-14 with Business & Economics categories.
The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.
External Shocks And Policy Adjustments
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Author : Naved Hamid
language : en
Publisher:
Release Date : 1994
External Shocks And Policy Adjustments written by Naved Hamid and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
Effects Of External Shocks On The Balance Of Payments Policy Responses And Debt Problems Of Asian Developing Countries
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Author : Seiji Naya
language : en
Publisher:
Release Date : 1983
Effects Of External Shocks On The Balance Of Payments Policy Responses And Debt Problems Of Asian Developing Countries written by Seiji Naya and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Asia categories.
Oil Price Shocks Monetary Policy And Current Account Imbalances Within A Currency Union
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Author : Timo Baas
language : en
Publisher:
Release Date : 2017
Oil Price Shocks Monetary Policy And Current Account Imbalances Within A Currency Union written by Timo Baas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
The Development Of External Balances In The Nordic Countries
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Author : Tapio Peura
language : en
Publisher:
Release Date : 1989
The Development Of External Balances In The Nordic Countries written by Tapio Peura and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with categories.
Tiivistelmä.