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External Adjustment in Oil Exporters The Role of Fiscal Policy and the Exchange Rate

After the decline in oil prices, many oil exporters face the need to improve their external balances. Special characteristics of oil exporters make the exchange rate an ineffective instrument for this purpose and give fiscal policy a sizeable role. These conclusions are supported by regression analy...

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Bibliographic Details
Main Author: Behar, Alberto
Other Authors: Fouejieu, Armand
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2016
Series:IMF Working Papers
Subjects:
Fiscal Policy
Exports And Imports
International Trade
Public Finance
Trade Balance
Trade Policy
Balance Of Trade
Short-term Capital Movements
Expenditures, Public
Current Account
Energy: General
National Government Expenditures And Related Policies: General
Petroleum Industry And Trade
Oil
International Economics
Public Finance & Taxation
Current Account Adjustment
Empirical Studies Of Trade
Current Account Balance
Commodities
Expenditure
Balance Of Payments
Investments: Energy
International Trade Organizations
Investment & Securities
Open Economy Macroeconomics
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:After the decline in oil prices, many oil exporters face the need to improve their external balances. Special characteristics of oil exporters make the exchange rate an ineffective instrument for this purpose and give fiscal policy a sizeable role. These conclusions are supported by regression analysis of the determinants of the current account balance and of the trade balance. The results show little or no relationship with the exchange rate and, especially for the less diversified oil exporters (including the Gulf Cooperation Council), a strong relationship with the fiscal balance or government spending
Physical Description:45 pages
ISBN:9781484379929

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