Global Imbalances and Petrodollars

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

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Year of publication:	2009
Authors:	Hasanov, Fuad
Other Persons:	Arezki, Rabah (contributor)
Publisher:	Washington : International Monetary Fund
Subject:	Außenwirtschaftliches Gleichgewicht \| External balance \| Leistungsbilanz \| Current account \| Welt \| World \| Kapitalmobilität \| Capital mobility \| Internationaler Finanzmarkt \| International financial market \| OPEC-Staaten \| OPEC countries

Extent:	Online-Ressource (27 p)
Series:	IMF Working Papers IMF working paper ; WP/09/89
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record 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. Robustness 2. 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)
ISBN:	978-1-4518-7236-1 ; 978-1-4519-1671-3 ; 978-1-4518-7236-1
Source:	ECONIS - Online Catalogue of the ZBW

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