Global Imbalances and Petrodollars.
Title:
Global Imbalances and Petrodollars.
Author:
Hasanov, Fuad.
ISBN:
9781451916713
Personal Author:
Physical Description:
1 online resource (27 pages)
Series:
IMF Working Papers
Contents:
Contents -- I. Introduction -- II. The Global Imbalances Debate -- III. Empirical Investigation -- A. Stylized Facts -- B. Empirical Specification, Data, and Estimators -- C. Estimation Results -- D. Robustness -- IV. Concluding Remarks -- References -- Tables -- 1. Current Account Estimations (1980-2007, Annual) -- 2. Current Account Estimations: Oil Exporters, GMM (1980-2007, Annual) -- 3. Current Account Estimations (1980-2007, 4-year average) -- Figures -- 1. Evolution of Current Account -- 2. Evolution of Oil Exporters' Current Account and Fiscal Balance: Twin Surpluses -- 3. Evolution of Fiscal Balance -- 4. NFA, Current Account, and Spending in Oil-Exporting Countries -- 5. Fiscal Balance, Revenues, and Spending in Oil-Exporting Countries -- Appendices -- I. Data Description and Sources -- II. GMM Estimators -- Appendix III Tables -- A1. Current Account Estimations: Total Sample (With Outliers, 1980-2007, Annual) -- A2. Current Account Estimations: Oil Exporters, Pooled OLS (1980-2007, Annual) -- A3. Current Account Estimations: Oil Exporters, FE (1980-2007, Annual).
Abstract:
Oil exporters have run large current account surpluses. We explore oil exporters' role in our understanding and the resolution of global imbalances. 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 current account of oil exporters than on current account of other countries. The current account adjustment of oil-exporting countries is also faster than that of other countries. We conclude that a change in fiscal policy of oil exporters can have significant and speedy impact on global imbalances.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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