05322oam 22010694 450 991078871200332120230721033734.01-4623-0127-41-4527-7124-31-282-84468-797866128446831-4518-7426-X(CKB)3390000000010771(EBL)1606018(OCoLC)680613499(MiAaPQ)EBC1606018(IMF)WPIEE2009281(EXLCZ)99339000000001077120020129d2009 uf 0engur|n|---|||||txtrdacontentcrdamediacrrdacarrierExchange Rate Assessments : Methodologies for Oil Exporting Countries /Irineu de Carvalho Filho, Rudolfs BemsWashington, D.C. :International Monetary Fund,2009.1 online resource (37 p.)IMF Working Papers"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 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.IMF Working Papers; Working Paper ;No. 2009/281Foreign exchange administrationAfrica, Sub-SaharanForeign exchangeAccountingAfrica, Sub-SaharanFiscal policyAfrica, Sub-SaharanPetroleum industry and tradeAfrica, Sub-SaharanInvestments: EnergyimfExports and ImportsimfForeign ExchangeimfMacroeconomicsimfPersonal Income, Wealth, and Their DistributionsimfCurrent Account AdjustmentimfShort-term Capital MovementsimfEnergy: GeneralimfInternational economicsimfInvestment & securitiesimfCurrencyimfForeign exchangeimfPersonal incomeimfOilimfReal exchange ratesimfCurrent account balanceimfCurrent accountimfIncomeimfBalance of paymentsimfPetroleum industry and tradeimfAfrica, Sub-SaharanEconomic policyRussian FederationimfForeign exchange administrationForeign exchangeAccountingFiscal policyPetroleum industry and tradeInvestments: EnergyExports and ImportsForeign ExchangeMacroeconomicsPersonal Income, Wealth, and Their DistributionsCurrent Account AdjustmentShort-term Capital MovementsEnergy: GeneralInternational economicsInvestment & securitiesCurrencyForeign exchangePersonal incomeOilReal exchange ratesCurrent account balanceCurrent accountIncomeBalance of paymentsPetroleum industry and tradede Carvalho Filho Irineu1485160Bems Rudolfs1493466International Monetary Fund.Research Dept.DcWaIMFBOOK9910788712003321Exchange Rate Assessments3831544UNINA