{
  "title": "Global Imbalances and Petrodollars",
  "publication": "IMF Working Papers, April 1, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/global-imbalances-and-petrodollars-22887",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Summary / Core findings",
      "content": "- Oil exporters have run large current account surpluses.\n- Current account dynamics are estimated for oil-exporting countries and the rest of the world.\n- Fiscal policy has a much stronger effect on the current account of oil exporters than on the current account of other countries.\n- The current account adjustment of oil-exporting countries is faster than that of other countries.\n- A change in fiscal policy of oil exporters can have significant and speedy impact on global imbalances."
    },
    {
      "heading": "Methodology and scope",
      "content": "- Comparative estimation of current account dynamics for:\n  - Oil-exporting countries.\n  - The rest of the world.\n- Focused variables and topics: Current account, Fiscal stance, Oil, Oil prices, Terms of trade."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Fiscal policy in oil-exporting countries is a key lever for influencing global current account imbalances.\n- Policymakers in oil-exporting countries can achieve relatively rapid current account adjustments through fiscal policy changes.\n- Coordination of fiscal actions by oil exporters could materially affect the evolution and resolution of global imbalances."
    },
    {
      "heading": "Keywords and taxonomy",
      "content": "- Subject: Current account, Fiscal stance, Oil, Oil prices, Terms of trade\n- Keywords: exporter, exporters' current account, exporters' current account dynamics, oil exporter, price, WP\n\nGlobal Imbalances and Petrodollars — Fuad Hasanov and Rabah Arezki, April 1, 2009\n\n---\n\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/global-imbalances-and-petrodollars-22887"
    }
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    "[Markdown version](/en/publications/wp/issues/2016/12/31/global-imbalances-and-petrodollars-22887/index.md)",
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    "Authors: Fuad Hasanov, Rabah Arezki",
    "Published: April 1, 2009",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451872361.001",
    "Oil exporters have run large current account surpluses.",
    "Current account dynamics are estimated for oil-exporting countries and the rest of the world.",
    "Fiscal policy has a much stronger effect on the current account of oil exporters than on the current account of other countries.",
    "The current account adjustment of oil-exporting countries is faster than that of other countries.",
    "A change in fiscal policy of oil exporters can have significant and speedy impact on global imbalances.",
    "Comparative estimation of current account dynamics for:",
    "Focused variables and topics: Current account, Fiscal stance, Oil, Oil prices, Terms of trade.",
    "Fiscal policy in oil-exporting countries is a key lever for influencing global current account imbalances.",
    "Policymakers in oil-exporting countries can achieve relatively rapid current account adjustments through fiscal policy changes.",
    "Coordination of fiscal actions by oil exporters could materially affect the evolution and resolution of global imbalances.",
    "Subject: Current account, Fiscal stance, Oil, Oil prices, Terms of trade",
    "Keywords: exporter, exporters' current account, exporters' current account dynamics, oil exporter, price, WP"
  ],
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