03327nam 2200649 a 450 991046457240332120170817212431.01-4623-2557-21-4527-5719-41-283-51495-897866138274011-4519-1022-3(CKB)3360000000443668(EBL)1608469(SSID)ssj0000948699(PQKBManifestationID)11602671(PQKBTitleCode)TC0000948699(PQKBWorkID)10950171(PQKB)11651066(OCoLC)535146981(MiAaPQ)EBC1608469(EXLCZ)99336000000044366820090811d2007 uy 0engur|n|---|||||txtccrYemen[electronic resource] exchange rate policy in the face of dwindling oil exports /prepared by Saade Chami ... [et. al.][Washington, D.C.] International Monetary Fund20071 online resource (24 p.)IMF working paper ;WP/07/5"January 2007."1-4518-6569-4 Includes bibliographical references (p. 21-22).Contents; I. Introduction; II. Background and Macroeconomic Outlook; Figures; 1. Exchange Rate and Inflation Developments, January 1998-June 2006; III. Estimating the Equilibrium Exchange Rate; 2. Yemen and GCC Countries, Real Effective Exchange Rates, January 1995-June 2006; IV. Equilibrium Exchange Rate in Yemen; A. Data and variables; 3. Real Effective Exchange Rate and its Key Determinants; B. Methodology; C. Econometric Results; Tables; 1. Selected Results of the VEC; D. Equilibrium (long-run) Relationship; E. Impact of Declining Oil Production on the REERF. Impact on the Nominal Exchange Rate: An Illustrative ExerciseV. Exchange Rate Regime Options; 4. Yemeni Rial-Daily Exchange Rate Versus U.S. Dollar, January-August 2006; VI. Conclusions; Appendix; 1. Variables; ReferencesThis paper investigates the likely implications of declining oil production on Yemen's equilibrium exchange rate, and discusses policy options to ensure a smooth transition to a nonoil economy. The empirical results suggest that, as oil production and foreign exchange earnings fall, the Yemeni rial will have to adjust downward in real effective terms to keep pace with the equilibrium exchange rate. In light of strong pass-through from exchange rate depreciation to domestic inflation, this could entail a substantial depreciation in nominal terms. Given the nature of the adjustment, a floating eIMF working paper ;WP/07/5.Foreign exchange ratesYemen (Republic)Petroleum industry and tradeYemen (Republic)ExportsYemen (Republic)Electronic books.Foreign exchange ratesPetroleum industry and tradeExports339.4339.43Chami Saade856867International Monetary Fund.Middle East and Central Asia Dept.MiAaPQMiAaPQMiAaPQBOOK9910464572403321Yemen1913643UNINA