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Global Imbalances and Petrodollars

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  • Rabah Arezki
  • Fuad Hasanov

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.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal The World Economy.

Volume (Year): 36 (2013)
Issue (Month): 2 (02)
Pages: 213-232

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Handle: RePEc:bla:worlde:v:36:y:2013:i:2:p:213-232

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Cited by:
  1. Paul Cashin & Samya Beidas-Strom, 2011. "Are Middle Eastern Current Account Imbalances Excessive?," IMF Working Papers 11/195, International Monetary Fund.
  2. Jean-Pierre Allegret & Cécile Couharde & Dramane Coulibaly & Valérie Mignon, 2013. "Current accounts and oil price fluctuations in oil-exporting countries: the role of financial development," EconomiX Working Papers 2013-29, University of Paris West - Nanterre la Défense, EconomiX.
  3. Hacihasanoglu, Erk & Turhan, Ibrahim M. & Soytas, Ugur, 2012. "Oil prices and emerging market exchange rates," MPRA Paper 36477, University Library of Munich, Germany.
  4. Coulibaly, Issiaka & Davis, Junior, 2013. "Exchange rate regimes and economic performance: Does CFA zone membership benefit their economies?," MPRA Paper 54075, University Library of Munich, Germany.

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