03587nam 2200565Ia 450 991046459030332120200619170436.01-4623-0127-41-4527-7124-31-282-84468-797866128446831-4518-7426-X(CKB)3390000000010771(EBL)1606018(OCoLC)680613499(MiAaPQ)EBC1606018(EXLCZ)99339000000001077120100906d2009 uf 0engur|n|---|||||Exchange rate assessments[electronic resource] methodologies for oil exporting countries /Rudolfs Bems and Irineu de Carvalho Filho[Washington, D.C.] International Monetary Fund, Research Departmentc20091 online resource (37 p.)IMF working paper ;WP/09/281"December 2009."Includes bibliographical references.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 Tables3. 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 CompositionAre 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 eIMF working paper ;WP/09/281.Foreign exchange administrationAfrica, Sub-SaharanForeign exchangeAccountingAfrica, Sub-SaharanFiscal policyAfrica, Sub-SaharanPetroleum industry and tradeAfrica, Sub-SaharanAfrica, Sub-SaharanEconomic policyElectronic books.Foreign exchange administrationForeign exchangeAccountingFiscal policyPetroleum industry and tradeBems Rudolfs893809Carvalho Filho Irineu E(Irineu Evangelista),1971-869958International Monetary Fund.Research Dept.MiAaPQMiAaPQMiAaPQBOOK9910464590303321Exchange rate assessments1996482UNINA