LEADER 05974oam 22011054 450 001 9910970753303321 005 20250426110921.0 010 $a9786612841477 010 $a9781462322497 010 $a1462322492 010 $a9781452764214 010 $a1452764212 010 $a9781282841475 010 $a1282841475 010 $a9781451870541 010 $a145187054X 035 $a(CKB)3170000000055096 035 $a(EBL)1607999 035 $a(SSID)ssj0001477815 035 $a(PQKBManifestationID)11833157 035 $a(PQKBTitleCode)TC0001477815 035 $a(PQKBWorkID)11453522 035 $a(PQKB)10232154 035 $a(OCoLC)762054997 035 $a(IMF)WPIEE2008196 035 $a(MiAaPQ)EBC1607999 035 $a(IMF)WPIEA2008196 035 $aWPIEA2008196 035 $a(EXLCZ)993170000000055096 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Impact of Oil-Related Income on the Equilibrium Real Exchange Rate in Syria /$fJemma Dridi, Maher Hasan 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (32 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/196 300 $aDescription based upon print version of record. 311 08$a9781451915075 311 08$a1451915071 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Brief Review of the Literature; III. Exchange System in Syria; A. Exchange System Developments; Figures; 1. Developments of the Official and Free Market Exchange Rates, 1951-2005; B. Which Exchange Rate Should be Used to Measure the Real Effective Exchange Rate?; C. Developments of the Free Market and Weighted Rates; IV. The Role of Oil-Related Income; A. The Concept of Oil-Related Income; 2. Nominal and Real Effective Exchange Rates, 1960-2005; B. The Impact of Oil-Related Income on the Balance of Payments and the Budget; Boxes; 1. Oil-Related Income in Syria 327 $a3. Share of Oil-Related Revenues in Total Foreign Exchange Earnings, and Balance of Payments Developments, 1960-2005V. Theoretical Determinants of the Equilibrium Real Exchange Rate and Estimation Results; A. Theoretical Determinants of the Equilibrium Real Exchange Rate; 4. Share of the Oil-Related Revenues in Total Foreign Exchange Earnings and Fiscal Developments, 1960-2005; B. Estimation Results and Data Issues; 5. Real Effective Exchange Rate and its Theoretical Determinants, 1960-2005; Tables; 1. Unit Root Tests; 2. Multivariate Cointegration Test Results 327 $a3. Long-Term Coefficient From Vector Error Correction Model Estimates Using the Free Market Rate6. Government Expenditure and Imports, 1961-2005; 7. REERF, Smoothed and Unsmoothed ERER, and Misalignment, 1960-2005; VI. Conclusions; 8. External Sustainability Assessment; References; Appendixes; I. Exchange System Developments in Syria; II. Detailed ECM Results 330 3 $aThis paper examines the impact of oil-related income, among other fundamentals, on the equilibrium real effective exchange rate (ERER) in Syria. After reviewing the evolution of the Syrian multiple exchange rate regime since 1960 and assessing alternative measures for the exchange rate, the paper analyzes the impact of oil-related income on the ERER in the context of a behavioral equilibrium exchange rate model. The analysis concludes that ERER appreciates with higher oil-related income, productivity and net foreign assets, but, at odds with the conventional wisdom, depreciates with higher government expenditures given that an increase in expenditures usually translates into higher imports and weaker current account position. In light of the projected real shocks associated with the depletion of oil and the change in other fundamentals in the context of the ongoing transition to a market economy, a more flexible regime would serve Syria better in the future. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/196 606 $aPetroleum industry and trade$zSyria$xEconometric models 606 $aNational income$zSyria$xEconometric models 606 $aForeign exchange rates$zSyria$xEconometric models 606 $aCurrency$2imf 606 $aEnergy: General$2imf 606 $aExchange rates$2imf 606 $aForeign Exchange$2imf 606 $aForeign exchange$2imf 606 $aIncome$2imf 606 $aInvestment & securities$2imf 606 $aInvestments: Energy$2imf 606 $aMacroeconomics$2imf 606 $aOil$2imf 606 $aPersonal income$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aPetroleum industry and trade$2imf 606 $aReal effective exchange rates$2imf 606 $aReal exchange rates$2imf 607 $aSyrian Arab Republic$2imf 615 0$aPetroleum industry and trade$xEconometric models. 615 0$aNational income$xEconometric models. 615 0$aForeign exchange rates$xEconometric models. 615 7$aCurrency 615 7$aEnergy: General 615 7$aExchange rates 615 7$aForeign Exchange 615 7$aForeign exchange 615 7$aIncome 615 7$aInvestment & securities 615 7$aInvestments: Energy 615 7$aMacroeconomics 615 7$aOil 615 7$aPersonal income 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aPetroleum industry and trade 615 7$aReal effective exchange rates 615 7$aReal exchange rates 676 $a338.27282 700 $aDridi$b Jemma$01654468 701 $aHasan$b Maher$01816323 801 0$bDcWaIMF 906 $aBOOK 912 $a9910970753303321 996 $aThe Impact of Oil-Related Income on the Equilibrium Real Exchange Rate in Syria$94372574 997 $aUNINA