Monetary and Credit Policy Options for an Oil Exporting Country

Sergey Drobyshevsky, A. Kozlovskaya and Pavel Trunin

Research Paper Series

Abstract: The paper deals with an analysis of efficacy of monetary and credit policy in the major oil_exporting economies from the perspective of sterilization of shocks caused by money offer generated by fluctuations of export revenues fueld by oil price fluctuation on the global market. Basing on methods of evaluation of multivariate time series, the first section of the paper tests a hypothesis of efficiency of a monetary and credit policy in oil exporting economies under external price shocks. The second section presents a macroeconomic model of of general equilibrium with money in the usefulness function, which describes a small open economy that exports mineral goods the prices for which are exogenously set on the world market. Basing on results and conclusions contained in both sections, the authors formulate a series of recommendations on selecting the CBR's monetary and credit policy under high/low oil prices.

JEL-codes: E52 F41 Q43 (search for similar items in EconPapers)
Date: 2004
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.iep.ru/files/RePEc/gai/rpaper/121Drobyshevsky.pdf Revised version, 2013 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gai:rpaper:121

Access Statistics for this article

Research Paper Series is currently edited by Nina Glavatskaya

More articles in Research Paper Series from Gaidar Institute for Economic Policy Contact information at EDIRC.
Bibliographic data for series maintained by Aleksei Astakhov ().