Record Nr.

UNINA9910464590303321

Autore

Bems Rudolfs

Titolo

Exchange rate assessments [[electronic resource] ] : methodologies for oil exporting countries / / Rudolfs Bems and Irineu de Carvalho Filho

Pubbl/distr/stampa


[Washington, D.C.], : International Monetary Fund, Research Department, c2009

ISBN

1-4623-0127-4

1-4527-7124-3

1-282-84468-7

9786612844683

1-4518-7426-X

Descrizione fisica

1 online resource (37 p.)

Collana

IMF working paper ; ; WP/09/281

Altri autori (Persone)

Carvalho FilhoIrineu E <1971-> (Irineu Evangelista)

Soggetti

Foreign exchange administration - Africa, Sub-Saharan

Foreign exchange - Accounting - Africa, Sub-Saharan

Fiscal policy - Africa, Sub-Saharan

Petroleum industry and trade - Africa, Sub-Saharan

Electronic books.

Africa, Sub-Saharan Economic policy

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Note generali

"December 2009."

Nota di bibliografia

Includes bibliographical references.

Nota di contenuto

Contents; I. Introduction; Figures; 1. Current Account Behavior for Oil Exporters; 2. Oil Dependency and Volatility, 1970-2006; II. Price Based Methodologies; A. Regression model setup; B. Econometric results; C. Robustness; D. Implementation; Tables; 1. ERER Regression: Long-Run Coefficients (1980-2007); III. Quantity Based Methodologies; 2. Determinants of the Current Account in the Medium-Run: 1969-2007; IV. Balance Sheet-Based Methodologies; A. Theoretical Background; B. Allocation Rules; C. Determinants of Current Account Balances; D. Implementation; Text Tables

3. Time-series Data for the Dynamic ES Exercise4. NFA-Stabilizing CA Balances under Various ES Specification; 3. Evolution of NFA under Various ES Specification; V. Concluding Remarks; References; Appendices; 1. Implementation of Quality-Based Approaches to Real

Exchange Rate Assessment; 2. Unit Root and Cointegration Tests; Appendices Tables; 1. A. Unit Root Test on Real Exchange Rate and Fundamentals (1980-2007); B. Panel Unit Root Tests; 2. Panel Cointegration Tests; 3. Sample Composition

Sommario/riassunto

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 e