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...

The Selected Issues paper of Lebanon provides an update of the vulnerability assessment based on the balance sheet approach. It explores the interest rate determination, the strength of the link to international interest rates, and exposure to international interest rate shocks, summarizes the...

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...

This note discusses the implications of the price shocks for the balance of payments of low-income countries in sub-Saharan Africa. The response by bilateral donors and multilateral institutions will, in practice, need to be country-specific. To this end, the note identifies a list of 18...

Lebanon’s credit growth in 2008–10 has been concentrated in trade and services, household loans, and the construction sector. These sectors accounted for almost 80 percent of all new loans extended since 2008. Real estate lending in particular has been increased substantially. On the demand...

This 2006 Article IV Consultation highlights that the Jordanian economy has performed remarkably well in recent years, mainly owing to far-reaching macroeconomic and structural reforms. Despite negative shocks, growth has been robust, inflation has remained low, public debt has continued to...