High oil prices are favourable for OPEC in the short run, but may undermine its future revenues. We search for the optimal oil price level for the producer group, using a partial equilibrium model for the oil market. The model explicitly accounts for reserves, development and production in 4...

At the end of August 2013, the international prices of Brent crude rose to a 17-month high ($ 117.8 /barrel) as Western powers, mainly USA, readied a military strike against Syria, and traders and analysts cited concerns over stability in the Middle East. The main concern was the risk that...

At the end of August 2013, the international prices of Brent crude rose to a 17-month high ($ 117.8 /barrel) as Western powers, mainly USA, readied a military strike against Syria, and traders and analysts cited concerns over stability in the Middle East. The main concern was the risk that...

Can the boom in oil prices be explained in terms of tightened market fundamentals? Or has the oil market been distorted by the entry of financial players? This article will try to shed light on the marked increase in volatility during the latest 2008-2009 price cycle and on the role of...

This article examines the volatility dependence between the crude oil price and four US dollar exchange rates using both fractional cointegration and copula techniques. The former exploits the long memory behavior of the volatility processes to investigate whether they are tied through a common...

The 2007 Article IV Consultation on the United Arab Emirates (UAE) examines the near- and medium-term outlook, inflation, and fiscal policy. The rapid expansion is supported by an outward-oriented development strategy and sustained high oil prices. Reforms are under way to strengthen the...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Qatar has weathered the global economic crisis well. Enhancement of liquefied natural gas capacity (LNG), government support to the banking system, and increase in public spending sustain the high growth rates. There is a need to monitor aggregate demand to prevent the resurgence of inflation...

The completion of the Second Review Under the Poverty Reduction Growth Facility Arrangement was delayed to address important governance and transparency concerns. Macroeconomic performance was strong in the year 2005. Policy discussions focused on improving macroeconomic management against the...

Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account surpluses -- it's a record to be envied. These outcomes in Canada owe much to sound macroeconomic policies, as well as to a favorable external environment. This book focuses on these...