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External Adjustment in Oil Exporters

2016-09-08 Business & Economics
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Release : 2016-09-08
Genre : Business & Economics
Kind : eBook
Book Rating : 384/5 ( reviews)

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Book Synopsis External Adjustment in Oil Exporters by : Mr.Alberto Behar

Download or read book External Adjustment in Oil Exporters written by Mr.Alberto Behar. This book was released on 2016-09-08. Available in PDF, EPUB and Kindle. Book excerpt: 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

2018
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Release : 2018
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Book Synopsis External Adjustment in Oil Exporters by : Alberto Behar

Download or read book External Adjustment in Oil Exporters written by Alberto Behar. This book was released on 2018. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Oil Shocks and External Balances

2007-05-01 Business & Economics
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Release : 2007-05-01
Genre : Business & Economics
Kind : eBook
Book Rating : 747/5 ( reviews)

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Book Synopsis Oil Shocks and External Balances by : International Monetary Fund

Download or read book Oil Shocks and External Balances written by International Monetary Fund. This book was released on 2007-05-01. Available in PDF, EPUB and Kindle. Book excerpt: 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

2009-12-01 Business & Economics
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Release : 2009-12-01
Genre : Business & Economics
Kind : eBook
Book Rating : 26X/5 ( reviews)

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Book Synopsis Exchange Rate Assessments by : Mr.Irineu E. de Carvalho Filho

Download or read book Exchange Rate Assessments written by Mr.Irineu E. de Carvalho Filho. This book was released on 2009-12-01. Available in PDF, EPUB and Kindle. Book excerpt: 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

2013-11-06 Business & Economics
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Release : 2013-11-06
Genre : Business & Economics
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Book Rating : 018/5 ( reviews)

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Book Synopsis Cyclical Fiscal Rules for Oil-Exporting Countries by : Stephen Snudden

Download or read book Cyclical Fiscal Rules for Oil-Exporting Countries written by Stephen Snudden. This book was released on 2013-11-06. Available in PDF, EPUB and Kindle. Book excerpt: 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.

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