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Yemen : : Exchange Rate Policy in the Face of Dwindling Oil Exports / / Todd Schneider, Nabil Ben Ltaifa, Faisal Ahmed, Saade Chami



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Autore: Schneider Todd Visualizza persona
Titolo: Yemen : : Exchange Rate Policy in the Face of Dwindling Oil Exports / / Todd Schneider, Nabil Ben Ltaifa, Faisal Ahmed, Saade Chami Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2007
Descrizione fisica: 1 online resource (24 p.)
Disciplina: 339.4
339.43
Soggetto topico: Foreign exchange rates - Yemen (Republic)
Petroleum industry and trade - Yemen (Republic)
Exports - Yemen (Republic)
Foreign Exchange
Industries: Energy
Monetary Policy
Central Banks and Their Policies
Macroeconomics: Production
Currency
Foreign exchange
Petroleum, oil & gas industries
Real exchange rates
Exchange rates
Real effective exchange rates
Oil production
Exchange rate arrangements
Production
Petroleum industry and trade
Soggetto geografico: Yemen, Republic of
Altri autori: Ben LtaifaNabil  
AhmedFaisal  
ChamiSaade  
Note generali: "January 2007."
Nota di bibliografia: Includes bibliographical references (p. 21-22).
Nota di contenuto: Contents; I. Introduction; II. Background and Macroeconomic Outlook; Figures; 1. Exchange Rate and Inflation Developments, January 1998-June 2006; III. Estimating the Equilibrium Exchange Rate; 2. Yemen and GCC Countries, Real Effective Exchange Rates, January 1995-June 2006; IV. Equilibrium Exchange Rate in Yemen; A. Data and variables; 3. Real Effective Exchange Rate and its Key Determinants; B. Methodology; C. Econometric Results; Tables; 1. Selected Results of the VEC; D. Equilibrium (long-run) Relationship; E. Impact of Declining Oil Production on the REER
F. Impact on the Nominal Exchange Rate: An Illustrative ExerciseV. Exchange Rate Regime Options; 4. Yemeni Rial-Daily Exchange Rate Versus U.S. Dollar, January-August 2006; VI. Conclusions; Appendix; 1. Variables; References
Sommario/riassunto: This paper investigates the likely implications of declining oil production on Yemen's equilibrium exchange rate, and discusses policy options to ensure a smooth transition to a nonoil economy. The empirical results suggest that, as oil production and foreign exchange earnings fall, the Yemeni rial will have to adjust downward in real effective terms to keep pace with the equilibrium exchange rate. In light of strong pass-through from exchange rate depreciation to domestic inflation, this could entail a substantial depreciation in nominal terms. Given the nature of the adjustment, a floating exchange rate regime appears to be the best option, if supported by appropriate macroeconomic policies. However, given public fixation on a exchange rate stability, a softly managed float would be a better option for Yemen whereby the central bank may have to lead the market toward the equilibrium exchange rate.
Titolo autorizzato: Yemen  Visualizza cluster
ISBN: 1-4623-2557-2
1-4527-5719-4
1-283-51495-8
9786613827401
1-4519-1022-3
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788403203321
Lo trovi qui: Univ. Federico II
Opac: Controlla la disponibilità qui
Serie: IMF Working Papers; Working Paper ; ; No. 2007/005