Symmetric And Asymmetric Causality Between Current Account Balance And Oil Prices The Case Of Brics T
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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.
External Adjustment
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Author : Maurice Obstfeld
language : en
Publisher:
Release Date : 2004
External Adjustment written by Maurice Obstfeld and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Balance of trade categories.
"Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the current account balance increasingly inadequate as a summary of the change in a country's net foreign assets. Nonetheless, unusually large current account imbalances, especially deficits, should remain high on policymakers' list of concerns, even for the richer and less credit-constrained countries. Extreme imbalances signal the need for large and perhaps abrupt real exchange rate changes in the future, changes that might have undesired political and financial consequences given the incompleteness of domestic and international asset markets. Furthermore, of the two sources of the change in net foreign assets -- the current account and the capital gain on the net foreign asset position -- the former is better understood and more amenable to policy influence. Systematic government attempts to manipulate international asset values in order to change the net foreign asset position could have a destabilizing effect on market expectations"--NBER website
Monetary Policy And Crude Oil
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Author : Basil Oberholzer
language : en
Publisher: Edward Elgar Publishing
Release Date : 2017-07-28
Monetary Policy And Crude Oil written by Basil Oberholzer and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-28 with categories.
The global crude oil market is critically important in many respects. It is the fuel that drives the global economy and, as such, is the focus of climate policies. Moreover, crude oil is the basis of a tradable financial asset. It is therefore connected to several outstanding macroeconomic developments of recent years, including financial market fluctuations, the financial crisis and the exceptional conduct of monetary policy. This book investigates the impacts of monetary policy and the financial system on the global crude oil market. Furthermore, it outlines how monetary policy may also be used to guarantee stability and to contribute to ecological sustainability.
Current Account Sustainability
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Author : Gian Maria Milesi-Ferretti
language : en
Publisher: International Finance Section Princeton University Internati
Release Date : 1996
Current Account Sustainability written by Gian Maria Milesi-Ferretti and has been published by International Finance Section Princeton University Internati this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
This study presents a notion of current-account sustainability that explicitly considers, in addition to intertemporal solvency, a willingness to pay and to lend. It argues that this notion of sustainability provides a useful framework for understanding the variety of country experiences with protracted current-account imbalances. Based on this notion, the authors identify a number of potential sustainability indicators related to the structure of the economy and the economic policy stance. They use these indicators in the evaluation of the experience of a number of countries that have run persistent current-account imbalances and ask whether they help to discriminate between countries that underwent an external crisis and those that did not.
Market Volatility And Foreign Exchange Intervention In Emes
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Author : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
language : es
Publisher:
Release Date : 2013
Market Volatility And Foreign Exchange Intervention In Emes written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Banks and banking, Central categories.
World Economic Outlook April 2016
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-04-12
World Economic Outlook April 2016 written by International Monetary Fund. Research Dept. 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 2016-04-12 with Business & Economics categories.
Major macroeconomic realignments are affecting prospects differentially across the world’s countries and regions. The April 2016 WEO examines the causes and implications of these realignments—including the slowdown and rebalancing in China, a further decline in commodity prices, a related slowdown in investment and trade, and declining capital flows to emerging market and developing economies—which are generating substantial uncertainty and affecting the outlook for the global economy. Additionally, analytical chapters examine the slowdown in capital flows to emerging market economies since their 2010 peak—its main characteristics, how it compares with past slowdowns, the factors that are driving it, and whether exchange rate flexibility has changed the dynamics of the capital inflow cycle—and assess whether product and labor market reforms can improve the economic outlook in advanced economies, looking at the recent evolution and scope for further reform, the channels through which reforms affect economic activity under strong versus weak economic conditions, reforms’ short- to medium-term macroeconomic effects, and sequencing of reforms and coordination with other policies to maximize their potential quantitative economic benefits. A special feature analyzes in depth the energy transition in an era of low fossil fuel prices.
Global Economic Prospects January 2015
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Author : World Bank Publications
language : en
Publisher: World Bank Publications
Release Date : 2015-01-26
Global Economic Prospects January 2015 written by World Bank Publications and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-26 with Business & Economics categories.
As in previous years, global growth disappointed in 2014, but a lackluster recovery is underway, with increasingly divergent prospects in major economies and developing countries. Looking ahead, growth is expected to rise slowly, supported by continued recovery in highincome countries, low oil prices, and receding domestic headwinds in developing economies. However, continued weak global trade growth and gradually tightening financial conditions will constrain the recovery. Risks to the outlook remain tilted to the downside. In addition to discussing global and regional economic developments and prospects, this edition of Global Economic Prospects includes four essays that analyze key challenges and opportunities currently confronting developing countries: fiscal policy as a countercyclical policy tool; causes and implications of cheap oil; weak trade that fails to act as an engine of growth; and remittances as a means of steadying consumption during sudden stops. Global Economic Prospects is a World Bank Group Flagship Report. On a semiannual basis (January and June), it examines global economic developments and prospects, with a special focus on developing countries. The report includes analysis of topical policy challenges faced by developing countries through in-depth research in the January edition and shorter analytical pieces in the June edition.
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.
Energy Prices Inflation And Economic Activity
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Author : Knut Anton Mork
language : en
Publisher:
Release Date : 1981
Energy Prices Inflation And Economic Activity written by Knut Anton Mork and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Political Science categories.
Managing Capital Flows
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Author : Bruno Carrasco
language : en
Publisher: Oxford University Press, USA
Release Date : 2014
Managing Capital Flows written by Bruno Carrasco and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Business & Economics categories.
Papers presented at a conference held at Mumbai during 19-20 November 2012.