Download or read book Global Imbalances and Petrodollars written by Rabah Arezki and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oil exporters have run large current account surpluses. We explore oil exporters' role in the global imbalances debate. 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 the current account of oil exporters than on current accounts of other countries. The current account adjustment of oil-exporting countries is also faster. Fiscal policy of oil exporters can have a significant and speedy impact on global imbalances. The impact via the adjustment of exchange rates might not be effective.
Download or read book Petrodollars and Global Imbalances written by T. Ashby McCown and published by . This book was released on 2006 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Petrodollars and Global Imbalances written by Thomas McCown and published by . This book was released on 2013 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the world economy recovered and grew, the price of oil rose markedly, peaking at almost $70 per barrel in 2005 before ending the year at $61 per barrel. Today, the price continues to hover at around $65. This sustained rise in prices has generated hundreds of billions of dollars of extra revenue for oil exporting countries (e.g. the Bank of International Settlements estimates $1.3 trillion to OPEC since end-1998). This Occasional Paper examines the major sources and uses of this windfall and its impact on global imbalances. The paper is not intended to be a comprehensive assessment of the petrodollar phenomenon, but rather to identify issues that warrant further examination. Key findings of our analysis suggest that: From 2002 to 2005, oil exporters appear to be spending proceeds from the oil windfall relatively evenly on increased imports and reserve accumulation, but import spending and the percentage spent on imports will likely rise over time. Some oil exporters are responding to the windfall by increasing reserves, retiring debt, and setting aside money for future generations, measures which should help insulate them from oil price volatility. Many countries are also channeling financing to productive investments intended to support growth, in contrast to the last oil boom. However in some cases, domestic spending increases have included hefty public sector wage hikes. The complexity and integration of financial markets make it difficult to assess fully where the oil windfall is being invested, though it is clear that domestic equity markets, and, to a lesser extent, real estate markets in the Gulf, are benefiting. Oil producers' current account surpluses have increased already large global imbalances. While inflation remains broadly contained in oil-exporting countries with pegged exchange rates, more flexible exchange rates would allow better control over domestic monetary conditions and promote efficient external adjustment.
Download or read book IMF Working Papers written by Rabah Arezki and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Global Imbalances Exchange Rates and Oil Exporting Countries written by Christian M. Oberpriller and published by LIT Verlag Münster. This book was released on 2009 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the phenomenon of the unprecedentedly high U.S. current account deficit and its counterpart surpluses in the rest of the world. The book develops a four-region model focusing on the U.S., Europe, Asia and the oil-exporting countries in order to compute the real exchange rate changes which might accompany a reduction in the world's current account imbalances. In addition to the economics of a purely demand-side-driven world, the impact of a flexible supply side on the behavior of the relevant economic variables is modeled and analyzed.
Download or read book The Princeton Encyclopedia of the World Economy Two volume set written by Kenneth A. Reinert and published by Princeton University Press. This book was released on 2010-08-02 with total page 1329 pages. Available in PDF, EPUB and Kindle. Book excerpt: An essential reference to all facets of the world economy Increasing economic globalization has made understanding the world economy more important than ever. From trade agreements to offshore outsourcing to foreign aid, this two-volume encyclopedia explains the key elements of the world economy and provides a first step to further research for students and scholars in public policy, international studies, business, and the broader social sciences, as well as for economic policy professionals. Written by an international team of contributors, this comprehensive reference includes more than 300 up-to-date entries covering a wide range of topics in international trade, finance, production, and economic development. These topics include concepts and principles, models and theory, institutions and agreements, policies and instruments, analysis and tools, and sectors and special issues. Each entry includes cross-references and a list of sources for further reading and research. Complete with an index and a table of contents that groups entries by topic, The Princeton Encyclopedia of the World Economy is an essential resource for anyone who needs to better understand the global economy. More than 300 alphabetically arranged articles on topics in international trade, finance, production, and economic development International team of contributors Annotated list of further reading with each article Topical list of entries Full index and cross-references Entry categories and sample topics: Concepts and principles: globalization, anti-globalization, fair trade, foreign direct investment, international migration, economic development, multinational enterprises Models and theory: Heckscher-Ohlin model, internalization theory, New Trade Theory, North-South trade, Triffin dilemma Institutions and agreements: European Union, International Monetary Fund, World Trade Organization, World Bank, Doha Round, international investment agreements Policies and instruments: dollar standard, international aid, sanctions, tariffs Analysis and tools: exchange rate forecasting, effective protection, monetary policy rules Sectors and special issues: child labor, corporate governance, the digital divide, health and globalization, illegal drugs trade, petroleum, steel
Download or read book Sustainability of External Imbalances written by Angélique Herzberg and published by Springer. This book was released on 2014-08-28 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the mid-1990s, sustainability of large and persistent current account positions have been attracting much attention from policy makers and economists alike. Alongside global imbalances, sustainability of imbalances within the euro area, which started widening shortly after the introduction of the euro, raised much concern. While there exists a large body of theoretical and empirical literature on sustainability of external imbalances, a systematic survey has been lacking so far. Angélique Herzberg fills this gap by examining a broad range of established sustainability measures concerning their applicability to the various global and intra-euro imbalances of the recent past. Furthermore, the author examines the existence of feedback effects from an economy ́s net international investment position to its trade balance.
Download or read book Oil Dollars Debt and Crises written by Mahmoud A. El-Gamal and published by Cambridge University Press. This book was released on 2010 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains the links between past and present oil crises, financial crises, and geopolitical conflicts.
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Download or read book Cross Border Risks of a Global Economy in Mid Transition written by Etienne Espagne and published by International Monetary Fund. This book was released on 2023-09-08 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the cross-border risks that could result from a decarbonization of the world economy. We develop a typology of cross-border risks and their respective channels. Our qualitative and quantitative scenario analysis suggests that the mid-transition – a period during which fossil-fuel and low-carbon energy systems co-exist and transform at a rapid pace – could have profound stability and resilience implications for global trade and the international financial system.
Download or read book AngloArabia written by David Wearing and published by John Wiley & Sons. This book was released on 2018-11-26 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: UK ties with Saudi Arabia and the other Gulf monarchies are under the spotlight as never before. Huge controversy surrounds Britain’s alliances with these deeply repressive regimes, and the UK’s key supporting role in the disastrous Saudi-led intervention in Yemen has lent added urgency to the debate. What lies behind the British government’s decision to place politics before principles in the Gulf? Why have Anglo-Arabian relations grown even closer in recent years, despite ongoing, egregious human rights violations? In this ground-breaking analysis, David Wearing argues that the Gulf Arab monarchies constitute the UK’s most important and lucrative alliances in the global south. They are central both to the British government’s ambitions to retain its status in the world system, and to its post-Brexit economic strategy. Exploring the complex and intertwined structures of UK-Gulf relations in trade and investment, arms sales and military cooperation, and energy, Wearing shines a light on the shocking lengths to which the British state has gone in order to support these regimes. As these issues continue to make the headlines, this book lifts the lid on ‘AngloArabia’ and what’s at stake for both sides.
Download or read book Oil for Food written by Eckart Woertz and published by OUP Oxford. This book was released on 2013-04-25 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the global food crisis of 2008, Middle Eastern oil producers have announced multi-billion investments to secure food supplies from abroad. Often called land grabs, such investments are at the heart of the global food security challenge and put the Middle East in the spotlight of simultaneous global crises in the fields of food, finance, and energy. Water scarcity here is most pronounced, import dependence growing, and the links between oil and food are manifold ranging from the economics of biofuels to climate change and the provision of crucial input factors like fuels and fertilizers. In the future the Middle East will not only play a prominent role in global oil, but also in global food markets, this time on the consumption side. In Oil for Food, Eckart Woertz analyzes the geopolitical implications behind the current investment drive of Arab Gulf countries in food insecure countries like Sudan or Pakistan. Having lived in Dubai for seven years, and drawing on extensive archival sources and interviews, he gives the inside story of how regional food security concerns have developed historically, how domestic agro-lobbies shape policy making, and how the failed attempt to develop Sudan as an Arab bread-basket in the 1970s carries important lessons for today. The book argues against the media hype that has been created around land grabs and analyzes why there has been such a gap between announced projects and their actual implementation. Instead, it calls for a revision of Gulf food security policies and suggests policy alternatives. It is essential reading for academics interested in the political economy of the Gulf region and for practitioners in governments, the media, and international organizations who deal with contemporary food security and energy issues.
Download or read book Qatar written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-01-31 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2011 Article IV Consultation highlights that Qatar is using its fiscal space, generated from an increase in hydrocarbon production and prices, to implement a large public spending program. Large infrastructure investments are expected to sustain strong growth of 9 percent to 10 percent in the nonhydrocarbon sector in the medium term. The potential inflationary effect of the recent fiscal package is estimated to be about 1 percentage point. This underscores the need for fiscal policy to monitor aggregate demand and for the Qatar Central Bank to manage liquidity.
Download or read book External Adjustment in Oil Exporters written by Mr.Alberto Behar and published by International Monetary Fund. This book was released on 2016-09-08 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Global Cooperation Among G20 Countries written by Michael Callaghan and published by Springer Science & Business Media. This book was released on 2013-12-09 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the outbreak of the global financial crisis, 2008, the G20 was widely acknowledged as helping prevent an even more serious decline in the global economy. It helped to calm the panic in financial markets and articulate a set of possible policy options to restore global stability and growth. However, as the dual-track recovery set in, policy options for advanced economies and EMEs diverged. Within this context, this book will explore the scope for cooperation amongst the G20 and the diverging challenges and the intricate interconnectedness of policy options between advanced economies and the EMEs within the G20.
Download or read book European Integration in a Global Economy written by Ewald Nowotny and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔThe emergence of the BRICs and of China in particular has played an important if underappreciated role to the competitive difficulties of Greece, Portugal and other Southern European countries. The contributors to this volume warn that similar challenges now confront the economies of Eastern and South-Eastern Europe, many of which compete head to head with China in international markets. More reassuringly, the authors also specify an agenda for structural adjustment, product upgrading and deeper integration with Western Europe that offers hope for meeting the China challenge.Õ Ð Barry Eichengreen, University of California, Berkeley, US This important book discusses European integration in a global economic setting, investigating the impact of China and Russia as emerging global players in the catching-up process in Central, Eastern and South-Eastern Europe. The expert contributors focus on global imbalances and accompanying policy challenges, competitiveness and trade, the sustainability of current growth strategies, and banking and financial stability in the light of the global economic and financial crisis. They provide a multi-disciplinary assessment, combining the views of high-ranking central bankers, policymakers, commercial bankers and academics, and demonstrate that a broad view of European economic integration is crucial given that spillovers and contagion were major issues of the recent economic crisis. This book will prove an illuminating read for academics, researchers, students and policymakers with an interest in international economics, money, finance and banking and European studies.
Download or read book The IMF and Global Financial Crises written by Joseph P. Joyce and published by Cambridge University Press. This book was released on 2013 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Joyce traces the IMF's actions to promote international financial stability from the Bretton Woods era through the recent recession.
