1.

Record Nr.

UNINA9910463595303321

Autore

Thomas Alun

Titolo

Equilibrium non-oil current account assessments for oil producing countries / / Alun Thomas, Jun Il Kim, and Aqib Aslam

Pubbl/distr/stampa

[Washington, District of Columbia] : , : International Monetary Fund, , 2008

©2008

ISBN

1-4623-9817-0

1-4527-3798-3

1-4518-7056-6

9786612841491

1-282-84149-1

Descrizione fisica

1 online resource (26 p.)

Collana

IMF Working Papers

IMF working paper ; ; WP/08/198

Altri autori (Persone)

KimJun (Jun Il)

AslamAqib

Disciplina

339.5

Soggetti

Equilibrium (Economics) - Econometric models

Balance of payments - Econometric models

Petroleum industry and trade - Econometric models

Electronic books.

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Note generali

Description based upon print version of record.

Nota di contenuto

Contents; I. Introduction; II. Basic Structure of Alternative Methodology; Existing analysis; III. Model; A. General Model; B. Model Application to Oil Based Economy; IV. Estimation; V. Sensitivity Tests of the Annual Return on Oil Wealth; VI. Equilibrium Non-oil Current Account Assessment; A. Historical Accuracy of the Consumption Smoothing Model; B. Country Estimates of Non-oil Current Account; VII. Conclusions; References

Sommario/riassunto

This paper introduces a methodology for assessing external balance in countries with large stocks of non-renewable resources based on oil stock data, and applies it to selected oil producing countries. The methodology uses a stock approach (instead of the more traditional



flow approach) to estimate the equilibrium non-oil current account consistent with optimal consumption smoothing. One of the benefits of the stock approach is that geological data for oil reserves can be used to estimate oil wealth; however, the methodology makes the estimated non-oil current account norm very sensitive to oi