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Record Nr. |
UNINA9910788712003321 |
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Autore |
de Carvalho Filho Irineu |
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Titolo |
Exchange Rate Assessments : : Methodologies for Oil Exporting Countries / / Irineu de Carvalho Filho, Rudolfs Bems |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-0127-4 |
1-4527-7124-3 |
1-282-84468-7 |
9786612844683 |
1-4518-7426-X |
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Descrizione fisica |
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1 online resource (37 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Foreign exchange administration - Africa, Sub-Saharan |
Foreign exchange - Accounting - Africa, Sub-Saharan |
Fiscal policy - Africa, Sub-Saharan |
Petroleum industry and trade - Africa, Sub-Saharan |
Investments: Energy |
Exports and Imports |
Foreign Exchange |
Macroeconomics |
Personal Income, Wealth, and Their Distributions |
Current Account Adjustment |
Short-term Capital Movements |
Energy: General |
International economics |
Investment & securities |
Currency |
Foreign exchange |
Personal income |
Oil |
Real exchange rates |
Current account balance |
Current account |
Income |
Balance of payments |
Petroleum industry and trade |
Africa, Sub-Saharan Economic policy |
Russian Federation |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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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 |
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Sommario/riassunto |
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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. |
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