Front Matter Page
IMF Institute and Middle East and Central Asia Department
Authorized for distribution by Marc Quintyn and Timothy Callen
Contents
I. Introduction
II. The Global Imbalances Debate
III. Empirical Investigation
A. Stylized Facts
B. Empirical Specification, Data, and Estimators
C. Estimation Results
D. Robustness
IV. Concluding Remarks
References
Tables
1. Current Account Estimations (1980–2007, Annual)
2. Current Account Estimations: Oil Exporters, GMM (1980–2007, Annual)
3. Current Account Estimations (1980–2007, 4-year average)
Figures
1. Evolution of Current Account
2. Evolution of Oil Exporters’ Current Account and Fiscal Balance: Twin Surpluses
3. Evolution of Fiscal Balance
4. NFA, Current Account, and Spending in Oil-Exporting Countries
5. Fiscal Balance, Revenues, and Spending in Oil-Exporting Countries
Appendices
I. Data Description and Sources
II. GMM Estimators
Appendix III Tables
A1. Current Account Estimations: Total Sample (With Outliers, 1980–2007, Annual)
A2. Current Account Estimations: Oil Exporters, Pooled OLS (1980–2007, Annual)
A3. Current Account Estimations: Oil Exporters, FE (1980–2007, Annual)