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Business and Economics > Finance: General

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Resource Booms x
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Cover IMF Working Papers
Managing the Impact of Resource Booms on the Real Effective Exchange Rate: The Role of Financial Sector Development
Mr. Johannes Herderschee
and
Ms. Luisa Zanforlin
Whereas most of the literature related to the so-called “resource curse” tends to emphasize on institutional factors and public policies, in this research we focus on the role of the financial sector, which has been surprisingly overlooked. We find that countries that have financial systems with more depth, as well as those that actively manage their central banks’ balance sheets experience less exchange-rate appreciation than countries that do not. We analyze the relationship between these two findings and suggest that they appear to follow separate mechanisms.
Keywords:
Resource-Rich Countries; Financial Development; Monetary Policy; REER appreciation; credit vis-à-vis credit; monetary policy rate; balance sheet management policy; appreciation of the REER; nonrenewable resource wealth; gas resource; Financial sector development; Real effective exchange rates; Natural resources; Sterilization; Financial sector; Asia and Pacific
Cover IMF Working Papers
The Structural Manifestation of the ‘Dutch Disease’: The Case of Oil Exporting Countries
Kareem Ismail
This study derives structural implications of the Dutch disease in oil-exporting countries due to permanent oil price shocks from a typical model. We then test these implications in manufacturing sector data across a wide group of countries including oil-exporters covering 1977 to 2004. The results on oil-exporting countries are four folds. First, we find that permanent increases in oil price negatively impact output in manufacturing as consistent with the Dutch disease. Second, Evidence in the data shows that oil windfall shocks have a stronger impact on manufacturing sectors in countries with more open capital markets to foreign investment. Third, we find that the relative factor price of labor to capital, and capital intensity in manufacturing sectors appreciate as windfall increases. Fourth, we find that manufacturing sectors with higher capital intensity are less affected by windfall shocks than their peers, possibly due to a larger share of the effect being absorbed by more laborintensive tradable sectors. An implication of the fourth result is that having diverse manufacturing sectors in capital intensity helps cushion the volatility of oil shocks.
Keywords:
WP; exchange rate
Cover IMF Research Bulletin
IMF Research Bulletin, June 2011
International Monetary Fund. Research Dept.
June 2011: The Q&A in this issue features seven questions on the global trade collapse of 2008-09 (by Rudolfs Bems); the research summaries are "The Impact of the Great Recession on Emerging Markets" (by Ricardo Llaudes, Ferhan Salman, and Mali Chivakul) and "The Missing Link between Dutch Disease, Appreciation, and Growth (by Nicolás E. Magud and Sebastián Sosa). The issue also lists the contents of the June 2011 issue of the IMF Economic Review, Volume 59 Number 2; visiting scholars at the IMF during April-June 2011; and recent IMF Working Papers and Staff Discussion Notes.
Keywords:
IRB; emerging market; crisis; emerging market crisis; large emerging market economies; heterogeneous experience; market economy; Dutch disease effect; trade collapse; economic policy issue; Did trade restriction; policy-related analysis; IMF department; Dutch disease; Real exchange rates; Emerging and frontier financial markets; Trade balance; Global; East Asia; IMF research bulletin; MarketsThe missing link; June 2011Research summary