05545oam 22011654 450 991097205240332120251116184536.097866128446839781462301270146230127497814527712431452771243978128284468112828446879781451874266145187426X(CKB)3390000000010771(EBL)1606018(OCoLC)680613499(IMF)WPIEE2009281(MiAaPQ)EBC1606018(IMF)WPIEA2009281WPIEA2009281(EXLCZ)99339000000001077120020129d2009 uf 0engur|n|---|||||txtrdacontentcrdamediacrrdacarrierExchange Rate Assessments : Methodologies for Oil Exporting Countries /Irineu de Carvalho Filho, Rudolfs Bems1st ed.Washington, 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-SaharanBalance of paymentsimfCurrencyimfCurrent Account AdjustmentimfCurrent account balanceimfCurrent accountimfEnergy: GeneralimfExports and ImportsimfForeign ExchangeimfForeign exchangeimfIncomeimfInternational economicsimfInvestment & securitiesimfInvestments: EnergyimfMacroeconomicsimfOilimfPersonal incomeimfPersonal Income, Wealth, and Their DistributionsimfPetroleum industry and tradeimfReal exchange ratesimfShort-term Capital MovementsimfAfrica, Sub-SaharanEconomic policyRussian FederationimfForeign exchange administrationForeign exchangeAccountingFiscal policyPetroleum industry and tradeBalance of paymentsCurrencyCurrent Account AdjustmentCurrent account balanceCurrent accountEnergy: GeneralExports and ImportsForeign ExchangeForeign exchangeIncomeInternational economicsInvestment & securitiesInvestments: EnergyMacroeconomicsOilPersonal incomePersonal Income, Wealth, and Their DistributionsPetroleum industry and tradeReal exchange ratesShort-term Capital Movements332.01234de Carvalho Filho Irineu1815919Bems Rudolfs1816035International Monetary Fund.Research Department.DcWaIMFBOOK9910972052403321Exchange Rate Assessments4371678UNINA