03600nam 2200673Ia 450 991046401190332120210209195044.01-4623-7898-61-4527-2383-497866128430991-4518-7236-41-282-84309-5(CKB)3170000000055254(EBL)1608269(SSID)ssj0000941191(PQKBManifestationID)11967067(PQKBTitleCode)TC0000941191(PQKBWorkID)10964074(PQKB)11229941(OCoLC)586109526(MiAaPQ)EBC1608269(MiAaPQ)EBC4954852(Au-PeEL)EBL4954852(CaONFJC)MIL284309(OCoLC)732599799(EXLCZ)99317000000005525420100902d2009 uf 0engur|n|---|||||txtccrGlobal imbalances and petrodollars[electronic resource] /Rabah Arezki and Fuad Hasanov[Washington, D.C.] International Monetary Fund20091 online resource (27 p.)IMF working paper ;WP/09/89Description based upon print version of record.1-4519-1671-X Includes bibliographical references.Contents; I. Introduction; Figures; 1. Evolution of Current Account; II. The Global Imbalances Debate; III. Empirical Investigation; A. Stylized Facts; 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; B. Empirical Specification, Data, and Estimators; 5. Fiscal Balance, Revenues, and Spending in Oil-Exporting Countries; C. Estimation Results; Tables; 1. Current Account Estimations (1980-2007, Annual); D. Robustness2. Current Account Estimations: Oil Exporters, GMM (1980-2007, Annual)3. Current Account Estimations (1980-2007, 4-year average); IV. Concluding Remarks; References; 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)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.IMF working paper ;WP/09/89.Financial crisesRegional economic disparitiesElectronic books.Financial crises.Regional economic disparities.382.17Arezki Rabah936180Hasanov Fuad1978-882105International Monetary Fund.MiAaPQMiAaPQMiAaPQBOOK9910464011903321Global imbalances and petrodollars2448350UNINA