05228oam 22012014 450 991081763080332120240402051203.01-4623-7898-61-4527-2383-497866128430991-4518-7236-41-282-84309-5(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(IMF)WPIEE2009089(EXLCZ)99317000000005525420020129d2009 uf 0engur|n|---|||||txtccrGlobal Imbalances and Petrodollars /Fuad Hasanov, Rabah Arezki1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (27 p.)IMF Working PapersDescription 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 Papers; Working Paper ;No. 2009/089Financial crisesRegional economic disparitiesInvestments: EnergyimfExports and ImportsimfMacroeconomicsimfCurrent Account AdjustmentimfShort-term Capital MovementsimfEnergy: GeneralimfEnergy: Demand and SupplyimfPricesimfFiscal PolicyimfEmpirical Studies of TradeimfInternational economicsimfInvestment & securitiesimfCurrent accountimfOilimfOil pricesimfFiscal stanceimfTerms of tradeimfBalance of paymentsimfPetroleum industry and tradeimfFiscal policyimfEconomic policyimfnternational cooperationimfUnited StatesimfFinancial crises.Regional economic disparities.Investments: EnergyExports and ImportsMacroeconomicsCurrent Account AdjustmentShort-term Capital MovementsEnergy: GeneralEnergy: Demand and SupplyPricesFiscal PolicyEmpirical Studies of TradeInternational economicsInvestment & securitiesCurrent accountOilOil pricesFiscal stanceTerms of tradeBalance of paymentsPetroleum industry and tradeFiscal policyEconomic policynternational cooperation382.17Hasanov Fuad1595841Arezki Rabah1595842International Monetary Fund.DcWaIMFBOOK9910817630803321Global Imbalances and Petrodollars3916942UNINA