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Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Kiel Advanced Studies Working Papers No. 442
Verlag: 
Kiel Institute for the World Economy (IfW), Kiel
Zusammenfassung: 
The present paper extends the Obstfeld and Rogoff (2005) framework of current account imbalances by the oil exporting countries as a fourth region. It sets the stage for a variety of analysis that can be conducted within a four-region-setting that accounts for the importance of OPEC as a major current account surplus provider in the process of narrowing global current account imbalances. We find that including the oil exporting countries as an additional region consisting of OPEC and Russia lowers the adjustment effects predicted by Obstfeld and Rogoff. Depending on different assumptions on how global imbalances might be eliminated, our model predicts a real dollar depreciation in the range of 29.9 to 52.6 percent.
Schlagwörter: 
current account
exchange rates
global imbalances
JEL: 
F31
F32
F41
Dokumentart: 
Working Paper

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