Showing 1 - 10 of 577
The discussion in this paper of the causes and consequences of recent oil price increases, and the appropriate policy response, is framed by the volatility and uncertainty that characterize the oil market. Volatile prices arise from supply and demand that are both highly inelastic in the short...
Persistent link: https://www.econbiz.de/10014410102
Persistent link: https://www.econbiz.de/10009424867
This paper studies the effects of demand and supply shocks in the global crude oil market on several measures of countries'' external balance, including the oil and non-oil trade balances, the current account, and changes in net foreign assets (NFA) during 1975-2004. We explicitly take a global...
Persistent link: https://www.econbiz.de/10014401265
A short-run macroeconomic model is estimated for Venezuela, in order to examine the hypothesis that the availability of oil resources may entail a confidence effect—on perceived future incomes—that influences the expenditure and portfolio behavior of economic agents. Such confidence effect...
Persistent link: https://www.econbiz.de/10014396215
This paper reviews adjustment in oil imports and domestic pricing policies affecting petroleum under Fund-supported programs. The adjustment of countries with Fund-supported programs (during 1980–82) following the two oil price shocks is compared with that of the nonprogram countries, to...
Persistent link: https://www.econbiz.de/10014396481
Economic and financial developments in the GCC economies are interwoven with oil price movements. GCC economies are highly dependent on oil and gas exports. Oil price upturns lead to higher oil revenues, stronger fiscal and external positions, and higher government spending. This boosts...
Persistent link: https://www.econbiz.de/10014408585
This paper presents a detailed analysis of the average fiscal policy responses of oil producing countries (OPCs) to the recent oil price cycle. We find that OPCs worsened their non-oil primary balances substantially during 2003-2008 driven by an increase in primary spending. However, this trend...
Persistent link: https://www.econbiz.de/10014404318
Persistent link: https://www.econbiz.de/10001466910
Persistent link: https://www.econbiz.de/10000678483
Persistent link: https://www.econbiz.de/10000873321