Trade Elasticities in the Middle East and Central Asia : What is the Role of Oil? / Andreas Billmeier, Dalia Hakura.

Format:

Book

Government document

Author/Creator:

Billmeier, Andreas.

Contributor:

Hakura, Dalia.

Series:

IMF Working Papers; Working Paper ; No. 2008/216

IMF working paper ; WP/08/216

IMF Working Papers

Language:

English

Subjects (All):

Elasticity (Economics)--Middle East.

Elasticity (Economics).

Elasticity (Economics)--Asia, Central.

Elasticity (Economics)--Econometric models.

Physical Description:

1 online resource (35 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2008.

Language Note:

English

Summary:

The analysis in this paper suggests that import and export volume elasticities are markedly lower in oil-exporting Middle East and Central Asian countries than in non-oil countries in the region. A key implication of this finding is that a real appreciation of the exchange rate in oil-exporting countries would achieve little in terms of expenditure switching: an appreciation does not boost imports and non-oil exports constitute only a small share of GDP and total trade in these countries. Therefore, while a real appreciation lowers the current account surplus of oil-exporting countries through valuation effects, the contribution to lowering global imbalances may be more limited.

Contents:

Contents; I. Introduction; II. Methodology; III. Empirical Analysis of Middle East and Central Asian Countries Elasticities; A. Model Specification and Empirical Strategy; B. Estimation Results; Tables; 1. Volume of Imports: Coefficient Estimates and Implied Elasticities; 2. Export Volumes: Coefficient Estimates and Implied Elasticities; C. Trade Balances; 3. Non-Oil Export Volumes: Coefficient Estimates and Implied Elasticities; 4. Decomposition of the Impact of a Ten Percent Real Depreciation on the Trade Balance of Middle East and Central Asia Countries

5. Trade Balance Elasticities for Non-Oil Exporting Middle East and Central Asia Countries, 2006 and 20136. Trade Balance Elasticities for Middle East and Central Asia Oil Exporters, and 2013; IV. A Generalized Approach; A. Generalized CGER Methodology; B. Empirical Estimation of the Elasticities of the Relative Import and Export Prices to the Real Exchange Rate; 7. Relative Import and Export Price Elasticities to the Real Effective Exchange Rate; C. Alternative Trade Balance Elasticities

8. Decomposition of the Impact of a 10 Percent Real Depreciation on the Trade Balance of Non-Oil Exporting Middle East and Central Asia Countries9. Decomposition of the Impact of a 10 Percent Real Depreciation on the Trade Balance of Oil-Exporting Middle East and Central Asia Countries; V. Conclusions; References; Appendices; 1. Data Appendix; 2. Derivation of the Formula for the Elasticity of the Trade Balance Vis-à-vis the Real Exchange Rate

Notes:

Description based upon print version of record.

Description based on online resource; title from PDF front page (ebrary, viewed February 25, 2014).

ISBN:

9786612841675

9781462351756

1462351751

9781452793474

1452793476

9781282841673

128284167X

9781451870749

1451870744

OCLC:

762336572