LEADER 05368oam 22010934 450 001 9910823365603321 005 20240402044917.0 010 $a1-4623-0127-4 010 $a1-4527-7124-3 010 $a1-282-84468-7 010 $a9786612844683 010 $a1-4518-7426-X 035 $a(CKB)3390000000010771 035 $a(EBL)1606018 035 $a(OCoLC)680613499 035 $a(MiAaPQ)EBC1606018 035 $a(IMF)WPIEE2009281 035 $a(EXLCZ)993390000000010771 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aExchange Rate Assessments : $eMethodologies for Oil Exporting Countries /$fIrineu de Carvalho Filho, Rudolfs Bems 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (37 p.) 225 1 $aIMF Working Papers 300 $a"December 2009." 320 $aIncludes bibliographical references. 327 $aContents; 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 Tables 327 $a3. 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 Composition 330 3 $aAre the current account fluctuations in oil-exporting countries "excessive"? How should their real exchange rate respond to the evolution of external (and domestic) fundamentals? This paper proposes methodologies tailored to the specific features of oil-exporting countries that help address these questions. Price-based methodologies (based on the time series of real effective exchange rates) identify a strong link between the real exchange rate and the terms of trade, but have relatively limited explanatory power. On the other hand, an empirical model of the current account, which fits oil exporting countries' data well, and an intertemporal model that takes into account the stock of oil reserves provide useful benchmarks for oil exporters' external balances. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/281 606 $aForeign exchange administration$zAfrica, Sub-Saharan 606 $aForeign exchange$xAccounting$zAfrica, Sub-Saharan 606 $aFiscal policy$zAfrica, Sub-Saharan 606 $aPetroleum industry and trade$zAfrica, Sub-Saharan 606 $aInvestments: Energy$2imf 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aMacroeconomics$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aEnergy: General$2imf 606 $aInternational economics$2imf 606 $aInvestment & securities$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aPersonal income$2imf 606 $aOil$2imf 606 $aReal exchange rates$2imf 606 $aCurrent account balance$2imf 606 $aCurrent account$2imf 606 $aIncome$2imf 606 $aBalance of payments$2imf 606 $aPetroleum industry and trade$2imf 607 $aAfrica, Sub-Saharan$xEconomic policy 607 $aRussian Federation$2imf 615 0$aForeign exchange administration 615 0$aForeign exchange$xAccounting 615 0$aFiscal policy 615 0$aPetroleum industry and trade 615 7$aInvestments: Energy 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aMacroeconomics 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aEnergy: General 615 7$aInternational economics 615 7$aInvestment & securities 615 7$aCurrency 615 7$aForeign exchange 615 7$aPersonal income 615 7$aOil 615 7$aReal exchange rates 615 7$aCurrent account balance 615 7$aCurrent account 615 7$aIncome 615 7$aBalance of payments 615 7$aPetroleum industry and trade 676 $a332.01234 700 $ade Carvalho Filho$b Irineu$01610173 701 $aBems$b Rudolfs$01636353 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910823365603321 996 $aExchange Rate Assessments$93977583 997 $aUNINA