Global Imbalances and Petrodollars

Fuad Hasanov and Rabah Arezki

No 2009/089, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; oil exporter; exporter; price; exporters' current account; exporters' current account dynamics (search for similar items in EconPapers)
Pages: 25
Date: 2009-04-01
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Citations: View citations in EconPapers (11)

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Journal Article: Global Imbalances and Petrodollars (2013)
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