03114nam 2200649 450 991046359530332120170821160713.01-4623-9817-01-4527-3798-31-4518-7056-697866128414911-282-84149-1(CKB)3170000000055100(EBL)1608006(SSID)ssj0000944023(PQKBManifestationID)11528593(PQKBTitleCode)TC0000944023(PQKBWorkID)10982811(PQKB)11787939(OCoLC)763082956(MiAaPQ)EBC1608006(EXLCZ)99317000000005510020140226h20082008 uy 0engur|n|---|||||txtccrEquilibrium non-oil current account assessments for oil producing countries /Alun Thomas, Jun Il Kim, and Aqib Aslam[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (26 p.)IMF Working PapersIMF working paper ;WP/08/198Description based upon print version of record.1-4519-1509-8 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; ReferencesThis 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 oiIMF Working PapersEquilibrium (Economics)Econometric modelsBalance of paymentsEconometric modelsPetroleum industry and tradeEconometric modelsElectronic books.Equilibrium (Economics)Econometric models.Balance of paymentsEconometric models.Petroleum industry and tradeEconometric models.339.5Thomas Alun869953Kim Jun(Jun Il)869954Aslam Aqib869955MiAaPQMiAaPQMiAaPQBOOK9910463595303321Equilibrium non-oil current account assessments for oil producing countries1942253UNINA