Global Imbalances and Petrodollars

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Global Imbalances and Petrodollars

Author Info

Rabah Arezki
Fuad Hasanov

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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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Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/89.

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Length: 25 pages
Date of creation: 23 Apr 2009
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Handle: RePEc:imf:imfwpa:09/89

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This paper has been announced in the following NEP Reports:

NEP-ALL-2009-05-23 (All new papers)
NEP-ARA-2009-05-23 (Arab World)
NEP-CBA-2009-05-23 (Central Banking)
NEP-ENE-2009-05-23 (Energy Economics)
NEP-OPM-2009-05-23 (Open MacroEconomics)

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