Normal view MARC view ISBD view

Thomas, Alun H.

Equilibrium Non-Oil Current Account Assessments for Oil Producing Countries Alun H Thomas. [electronic resource] / Alun H Thomas. - Washington, D.C. : International Monetary Fund, 2008. - 1 online resource (24 p.) - IMF Working Papers; Working Paper ; No. 08/198 . - IMF Working Papers; Working Paper ; No. 08/198 .

This paper introduces a methodology for assessing external balance in countries with large stocks of non-renewable resources based on oil stock data, and applies it to selected oil producing countries. The methodology uses a stock approach (instead of the more traditional flow approach) to estimate the equilibrium non-oil current account consistent with optimal consumption smoothing. One of the benefits of the stock approach is that geological data for oil reserves can be used to estimate oil wealth; however, the methodology makes the estimated non-oil current account norm very sensitive to oil price projections. Based on an oil price about US

ISBN: 1451870566 : 18.00 USD

ISSN: 1018-5941

Standard No.: 10.5089/9781451870565.001 doi

Subjects--Topical Terms:
Consumption Smoothing
Current Account Balance
Current Account Deficit
Current Account Deficits
Current Account
Current Accounts

Subjects--Geographic Terms:
Kuwait
Malaysia
Saudi Arabia
United Arab Emirates
Venezuela, República Bolivariana de