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Exchange Rate Assessment for Oil Exporters

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  • Klaus-Stefan Enders
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    Abstract

    While the underlying methodologies continue to be widely debated and refined, there is little consensus on how to assess the equilibrium exchange rate of economies dominated by production of finite natural resources such as the oil economies of the Middle East. In part this is due to the importance of intertemporal aspects (as the real exchange rate may affect the optimal/equitable rate of transformation of finite resource wealth into financial assets), as well as risk considerations given the relatively high volatility of commodity prices. The paper illustrates some important peculiarities of the exchange rate assessment for such natural resource producers by working through a simple two-period model that captures certain key aspects of many resource economies.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/81.

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    Length: 21
    Date of creation: 01 Apr 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/81

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    Related research

    Keywords: Oil exports; Exchange rate assessments; Oil exporting countries; Private consumption; Private savings; Economic models; exchange rate; real exchange rate; oil prices; exchange rates; equilibrium exchange rate; oil exporters; oil production; current account balance; real exchange rates; oil sector; higher oil prices; current accounts; effective exchange rate; real effective exchange rate; oil consumption; oil producers; natural resources; world market prices; oil fields; effective exchange rates; refined products; nominal exchange rate; oil subsidies; exchange rate misalignment; nominal exchange rates; international oil prices; oil supplies; oil exporter; opec; real effective exchange rates; oil market;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Mark Lewis & Aurélie Martin & Gabriel Di Bella, 2007. "Assessing Competitiveness and Real Exchange Rate Misalignment in Low-Income Countries," IMF Working Papers 07/201, International Monetary Fund.
    2. Bems, Rudolfs & de Carvalho Filho, Irineu, 2011. "The current account and precautionary savings for exporters of exhaustible resources," Journal of International Economics, Elsevier, vol. 84(1), pages 48-64, May.
    3. Joannes Mongardini & Alexander Chudik, 2007. "In Search of Equilibrium," IMF Working Papers 07/90, International Monetary Fund.
    4. Jemma Dridi & Maher Hasan, 2008. "The Impact of Oil-Related Incomeon the Equilibrium Real Exchange Rate in Syria," IMF Working Papers 08/196, International Monetary Fund.
    5. Luca Antonio Ricci & Jaewoo Lee & Gian-Maria Milesi-Ferretti, 2008. "Real Exchange Rates and Fundamentals," IMF Working Papers 08/13, International Monetary Fund.
    6. Jaewoo Lee & Jonathan David Ostry & Alessandro Prati & Luca Antonio Ricci & Gian-Maria Milesi-Ferretti, 2008. "Exchange Rate Assessments," IMF Occasional Papers 261, International Monetary Fund.
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    Cited by:
    1. Bassem Kamar & Jean-Etienne Carlotti & Russell C. Krueger, 2009. "Establishing Conversion Values for New Currency Unions," IMF Working Papers 09/184, International Monetary Fund.

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